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Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. Economic Development generally includes the following primary initiatives:
All three of the forms seek to create primary jobs that pay more than the average wage, increase the amount of income coming into the community from outside our market area, and create greater capital investment in our community.
Other areas that play a key role in economic development are:
Economic development acts as a catalyst by helping local businesses expand or by attracting new businesses into the community. Such activity increases the tax base of the area, thereby spreading the costs of public services and keeping overall costs down. Economic development increases the economic well-being of every business in our town.
The best economic development strategies are those that place Business Retention and Expansion (BR&E) first. Studies have shown that approximately 80 percent of all new businesses come from businesses already in the community. Eagle's top priority in Economic Development is BR&E.
Economic development is a process of targeted activities and programs that work to improve the economic wellbeing and quality of life of a community by building local wealth, diversifying the economy, creating and retaining jobs, and building the local tax base. Below is a summary of why this is important to Eagle.
Job Creation - Over 90% of our local residents commute out of Eagle for work; creating more local, high wage jobs would help decrease the amount of residents having to travel outside of the community for work, thus also reducing the traffic congestion on our roads.
Diversifying the Economy - "Don't put all your eggs in one basket." It's a mantra mothers everywhere have been telling their children for generations. It is good advice that bears relevance not only on the farm, but in the community at large as well. Diversification of an economy means that if one business falls and breaks, the effect on the overall economy will be minimized. Bringing in more industry and business helps relieve the tax burden on residential as commercial typically pays more in taxes, thus helping keep taxes low for homeowners. Essentially, communities want to have a diverse tax base, just as individuals want a diversified investment portfolio. Being too reliant on one industry, or just residential, leaves the entire community in jeopardy and susceptible to economic downturns or shifts. One of the other primary benefits of diversification is that a diversified economy helps support multiple businesses within it. A diversified economy creates a sustainable cycle of economic activity where businesses continually feed off of one another and grow larger as the economy grows, and it feeds innovation in the form of new ideas and product generation. As one business grows, the business beside it just might develop the widget, gadget, or gizmo they need to enhance their operations and boosts their profitability.
Building Local Wealth -
There are many great resources to assist you in starting your own business, and the City of Eagle is here to connect you to the resources. So, where do you begin? Click here.
Looking for the most well-suited location for your business? Eagle is certainly a city deserving of serious consideration.
In Eagle, we understand the importance of finding the right location, and all the ingredients that need to be combined to make the perfect recipe. Whether you are searching for office space, a location for your new headquarters or tech company, a retail or restaurant location, or an industrial spot, we are positive you'll find the most well-suited location for your operational needs and your team's productivity and satisfaction.
If you would like to search real estate for yourself, visit the Gem State Prospector website. Or, let us search for you! There are many considerations when looking for property; such as, zoning regulations, building standards, floodplain zones, etc. Our staff is available to assist you with identifying suitable properties that meet your specific needs. Contact our office at email@example.com or by phone at (208) 489-8755.