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.

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