Economic Development Agency

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 forstartup and expanding business is state, region and local economicdevelopment agencies. At this writing, there are nearly 12, 000economic development groups in the United States that chargenothing for their services and assistance.

They are public, private or most often a public/privatepartnership, and their purpose is to promote economic growth anddevelopment in the areas they serve. They accomplish that byencouraging new businesses to locate in their area, and to do that,they’ve gathered all the statistics and information you’ll need tomake a decision.

Economic development agencies will help any business, regardlessof size, in four primary ways:

  • Market demographics
  • Real estate costs and availability; zoning a d regulatoryissues
  • Workforce demographics
  • Referrals to similar companies and other resources

For the best overview, start with your state’s economicdevelopment agency. They can then guide you to regional and localgroups for more detailed and expanded information.