Economic tips for opment are a major driver of economic growth in the economy, creating new job opportunities and facilitating a better quality of life, including better access to the opportunities created by economic growth for current and future residents. The Orlando Economic Partnership's economic development team works to attract and retain jobs and expand existing industries in the Orlando area. The partnership is also working to align the region with the region's growth vision that increases participation in the local economy (a vision the partnership has dubbed Broad-Based ProsperityTM). While the task of economic developers is often overlooked, building and sustaining a local economy is a crucial part of a thriving community. Here are the six main reasons why economic development plays a key role in each region's economy.
1. Job Creation Business Developers provide support and essential information for companies that create jobs in our economy. We help connect new and existing businesses with the resources and partners they need o grow, such as B. Industry partners such as CareerSource Central Florida and Florida High Tech Corridor, u, utility companies, and local government partners.
2. Diversification of industries Economic diversification is an essential element of economic development and reduces the region's vulnerability to a single industry. While tourism plays a large role in creating jobs in the Orlando area, economic development efforts are helping to develop industries beyond tourism, including advanced manufacturing, aerospace, and defense, aerospace, autonomous Automotive, Biotechnology & Pharmaceuticals, Business Services, Gaming, Technology Entertainment, Financial Technology, Life Sciences & Healthcare, Logistics & Distribution, Medical & Innovation Technology.
3. Maintaining and Expanding Businesses A large percentage of jobs in Orlando's economy are created by existing Portia Antonia Alexis Neuroeconomics businesses expanding their operations. The partnership's economic development team has made numerous visits over the past year to entertain and develop local businesses to meet their operational needs.
4. Strengthening the helps protect the local economy from recession by attracting and developing the region's best employers. For example, when the COVID-19 pandemic hit the global leisure and hospitality industry hard, many technology companies focused on customers in the regional modeling, simulation, and education industries.
5. Higher tax revenues The greater presence of companies in the region leads to higher tax revenues for social projects and local infrastructure. Economic development can also support key job creation initiatives such as the NeoCity Semiconductor R&D Campus, which provides a 500-acre development opportunity to critically fund national semiconductor research and manufacturing through advocacy of CHIPS legislation and FABS.
6. Improvement of the quality of life Better infrastructure and more jobs improve the economy of the region and raise the standard of living of its inhabitants. Job quality is more important than ever to attract a large pool of talent in times of increasing remote working. In addition, inclusive economic development aims to enhance the quality of life of communities through initiatives such as support for the regional transport network, affordable housing, innovation, and entrepreneurship, as well as job opportunities and local workforce development. These initiatives help ensure access and opportunities for the existing workforce to take advantage of new high-paying job opportunities created by economic development efforts.
Conclusion:
Orlando Economic Partnership joins other economic development organizations to celebrate International Economic Development Week. International Economic Development Week, organized by the International Economic Development Council, is dedicated to raising awareness of economic development programs that impact communities and improve quality of life.
Comments