Economic Development Planning

Economic development policies are more likely to increase the total number of jobs in the local economy when these policies assist new businesses or business expansions that add to the local economy’s export-base or substitute for local imports. In this context, exports refers to goods or services sold outside the local jurisdiction, for example to residents or businesses in another U.S. city. Imports refers to goods or services purchased by local residents or businesses, but produced outside of that local jurisdiction.