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What 9s, Economic Deve men? <br />All of the discussion regarding how local economies work now <br />brings us to "economic development." <br />Economic development is the. activity, which is directed toward <br />improving the overall economic strength of a community and the <br />economic quality of life for all the residents in the area. <br />Economic development differs from community development. <br />Community development, while also an important activity for an <br />area, is designed to relieve or cure socio- economic problems within <br />the community. It is targeted to assist a specific geographic section <br />or economically distressed class of residents. <br />Programs which eliminate urban blight, revitalize crime- ridden <br />neighborhoods, or provide housing assistance to the poor are <br />community development activities. However, they are not economic development <br />activities. <br />A successful economic development program will improve the standard of living for all <br />the residents. Oftentimes, when successful., the need for community development <br />programs begins to fade. <br />There are three basic economic development programs, which <br />focus directly on creating primary industry jobs: 1) existing <br />industry program, 2) attraction - recruitment program, and 3) start -up <br />program. <br />The Ex§sAm - Indus¢ff is designed to foster the retention <br />and cause the expansion of the existing primary - contributory <br />businesses in the community. It is the most important yet least <br />expensive of the three programs. <br />Many communities have fallen into economic distress simply <br />because their existing primary industries have reduced employment <br />or left the area entirely. Sometimes the reason the company has <br />curtailed its operation is the result of a declining national or <br />regional marketplace or foreign competition. <br />Fbw OF bough - Page 23 - Vepsion August 20, 2007 <br />