Working With A Regional Economic Developement Organization: An Insider's Perspective
Regional economic development organizations have been formed
in many communities to promote the growth of businesses and to increase the
number of local high-wage jobs. These organizations are often uniquely
positioned to help businesses seeking either to relocate or to expand into a new
market area. This article provides an overview of the benefits available to
businesses if they consult with local economic development organizations when
they plan to move or expand. The opinions expressed in this article are my own,
based on my experience as a member of the Board of Directors of the Los Angeles
County Economic Development Corporation (the "LAEDC").
Economic Information about the Region. Regional economic
development entities often collect and disseminate hard-to-find information
useful for businesses. The type and range of information produced by such
economic development entities varies, depending on the size and scope of the
market that the economic development organization serves, and its own resources.
For example, the LAEDC's economists and staff systematically collect, analyze
and summarize in plain English economic and demographic information concerning
Los Angeles County, its 88 cities, and its significant geographic regions.
But the information available from such organizations often
goes beyond dry statistics: for instance, the LAEDC regularly publishes reports
on local industries as diverse as international trade, the apparel industry, the
film industry, manufacturing, the retail industry, the sports business, and
regional technology. It also provides information about key industry clusters
that drive the Los Angeles economy, as well as periodic forecasts discussing the
effects on those industries of national and international economic trends.
Because the Los Angeles area has such a large and diverse
economy, it is hard to understand. Our local economy is generally not well
covered by or explained in the national media, which often seems to be more
intrigued by the "calamity of the week" than the good, but relatively
dull, economic news about the area. The LAEDC fills that vacuum by providing
verifiable information organized into useful formats. Such information has been
useful to me professionally; I have used it to explain to our firm's clients,
especially those based elsewhere, what makes our regional economy work, and to
negotiate better terms in our clients' transactions.
Introductions to Political and Business...
To continue reading
Request your trial