Definition: An agency whose goal is to help develop and support economic growth
within a specified city, region or state by providing necessary
resources and assistance
One of the best sources of information and assistance for
startup and expanding business is state, region and local economic
development agencies. At this writing, there are nearly 12, 000
economic development groups in the United States that charge
nothing for their services and assistance.
They are public, private or most often a public/private
partnership, and their purpose is to promote economic growth and
development in the areas they serve. They accomplish that by
encouraging new businesses to locate in their area, and to do that,
they've gathered all the statistics and information you'll need to
make a decision.
Economic development agencies will help any business, regardless
of size, in four primary ways:
- Market demographics
- Real estate costs and availability; zoning a d regulatory
issues
- Workforce demographics
- Referrals to similar companies and other resources
For the best overview, start with your state's economic
development agency. They can then guide you to regional and local
groups for more detailed and expanded information.