Question

economic development is an important in economic​

Answer 1

Answer:

Explanation:

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.

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Answer 2

1. Job creation

Economic developers provide critical assistance and information to companies that create jobs in our economy. We help to connect new-to-market and existing companies with the resources and partners they need to expand, such as CareerSource Central Florida, utilities, and county and city partners.

2. Industry diversification

A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry. While tourism plays an important role in creating jobs in the Orlando region, economic development efforts help to grow industries outside of tourism, including Innovative Technologies and Digital Media, Life Sciences & Healthcare, Aviation, Aerospace & Defense, Advanced Manufacturing, and Business Services.

3. Business retention and expansion

A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. Our economic development team executed 73 business retention and expansion visits to local companies just last year to assist with their operational needs.

4. Economy fortification

Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.

5. Increased tax revenue

The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.

6. Improved quality of life

Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.

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