Economic Development Facts

 

Why is Economic Development Important to the Economy?

Economic Development is the creation of wealth from which community benefits are realized. RAEDI and the programs we implement are an investment in growing and sustaining our local economy. RAEDI helps support area businesses who contribute to the workforce and the tax base, which in turn, provides resources to fund services residents need to have a good quality of life. A key path to growing our local economy is by investing in economic development to ensure our area businesses are successful.

Increased Tax Base…the additional revenue provided by economic development supports, maintains, and improves local infrastructure, such as roads, parks, libraries, and emergency medical services.
Job Development…economic development provides better wages, benefits, and opportunities for advancement.
Business Retention…businesses feel appreciated by the community and, in turn, are more likely to stay in town, contributing to the economy.
Economic Diversification…a diversified economic base helps expand the local economy and reduces a community’s vulnerability to a single business sector.
Self-sufficiency…a stronger economic base means public services are less dependent on intergovernmental influences and alliances, which can change with each election.
Productive Use of Property…property used for its “highest and best use” maximizes the value of that property.
Quality of Life…more local tax dollars and jobs raise the economic tide for the entire community, including the overall standard of living of the residents.
Recognition of Local Products…successful economic development often occurs when locally produced goods are consumed in the local market to a greater degree.

Contact us

Rochester Area Economic Development, Inc. (RAEDI) value proposition is the ability to assist businesses and entrepreneurs in securing the private and/or public resources needed to execute their business plans. RAEDI is pleased to assist you with your request.

Please call 507-288-0208, email info@raedi.com, or fill out the form below.