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The Work of the EDO

In this section we will lay out the work of a typical Economic Development Organization, to help familiarize ourselves with their day-to-day. With a better understanding of the work of the EDO, we can find better ways to collaborate on our common goals. 

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  1. Attraction Strategies: EDOs develop strategies to attract new companies and retain existing companies within their jurisdiction. The goal of these strategies is to attract new companies that will create new jobs and lease office space helping reduce the vacancy rate. 
  2. Retention Strategies: EDOs develop strategies designed to retain and support businesses in the community. Ensuring that businesses are not moving out for a better environment helps maintain a strong economic base.
  1. Infrastructure Development: EDOs will often recommend and implement investment into infrastructure to make the community attractive. Improvements to transportation, utilities and broadband help attract and retain companies. 
  2. Policy and Regulatory Changes: EDOs can lead efforts to remove restrictive policies and regulations that deter companies from locating in their community. EDOs can also create policies, regulations and zoning laws that support business growth.
  1. Global Trade and Business Expansion: EDOs often have global attraction strategies and efforts that lead to an increase in Foreign Direct Investment into their community.
  2. Workforce Development: EDOs often say workforce development is economic development. Without talented workers located in your community companies are less likely to choose your community over a competitive community with a readily available workforce. Workforce development strategies aim to cultivate talent to meet the needs of businesses and industries.  
  1. Hubs and Innovation Centers: EDOs over the last decade have started to work towards developing Hubs and Innovation centers to spur entrepreneurship. This is a long-term economic development strategy that aims to foster a community where the next big companies can be started and grow.
  2. Tax and Financial Incentives: EDOs will often have tax and financial incentives in place to help attract companies to choose their location over their competition.