Why is Economic Development Important?

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 - 

Show All Answers

1. What is economic development?
2. Why does economic development matter to my business?
3. Why is Economic Development Important?
4. How do I start a business?
5. How do I find out about available commercial or industrial property/buildings?
6. What new businesses are coming to Eagle?