Defining Economic Development

1
About TIP

• TIP Strategies, Inc. is an economic development
  consulting firm based in Austin, Texas, USA. Our
  services include
• Strategic Planning
• Target Sector Analysis
• Marketing
• Economic Impact Analysis
• Site Selection

2
Defining Economic Development

• The application of public resources to stimulate
  private investment.

3
Evolution of ED Goals
2010
Quality of Place/Sustainability
2000
Knowledge
1990
Higher Wages
evolutionary scale
1980
More Jobs
Land Buildings
1970
4
Traditional Framework for ED

• Assumes business recruitment is best accomplished
  by providing sites in industrial parks.
• Often the default economic development strategy
  for communities.

• Approach depends heavily on tax abatements and
  the availability of fully serviced land.
• Benefits of attracting new industry and creating
  new jobs are often compromised by a decreasing
  lack of services, reduced land for housing and
  open space, and increasingly compromised economic
  vitality.

5
New Framework for ED Profession

• Recognizes the increasing importance of quality
  of place in the attraction and retention of
  business.
• Understands importance of planning zoning
• Looks beyond counting jobs by understanding their
  impact on the community.

• Informed by a keen sense that economic vitality
  is not achieved in a passive fashion. Recognizes
  that economic development takes place in a
  competitive environment.