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Economic Development & Trade

Community Economic Development

 Economic Development & Trade

May 2003
Executive Summary

Economic development is consistently cited as a major concern in improving the well-being of struggling communities. In fact, just as states have specific policies and programs to improve family support, public health, housing and other conditions in distressed places, they also have economic development strategies that are designed to improve their economic conditions.

This report is designed for those who are interested in helping distressed places and determining how state economic development funds might contribute. The goal of most public economic development initiatives is to encourage business investment and improve business productivity, with a desired cumulative effect of increased employment and personal income. This report explores policies and programs related to these goals, with the intent to strengthen connections among economic development, human services and other activities aimed at improving the well-being of communities.

The main sections of the report are:

• Introduction
• Intent of this report
• Themes
• Efforts to measure results can clarify goals and options
• Helping people who could start a business is particularly important
• Effective local government and nonprofit models are needed
• Strong connections and local engagement help community development

• Public policy goals
• Defining economic development
• Economic development in vulnerable communities
• The job creation conundrum
• Measuring results

• Public policy options for targeted groups
• People who could start a business
• People who could fill unmet demand for workers
• Community development organizations
• Local governments
• Existing business owners.

To order this report, contact the NCSL Publications Department at (303) 364-7812 and ask for item #5364. Copies are provided free of charge to state legislatures.

For more information, contact econ-info@ncsl.org.

• U.S. Department of Housing and Urban Development Community Development Block Grants
• Empowerment Zones/Enterprise Communities, jointly administered by the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture
• U.S. Department of Commerce Economic Development Administration and Small Business Administration, including the New Markets venture capital initiative
• U.S. Department of Health and Human Services Temporary Assistance to Needy Families program and Office of Community Services programs
• U.S. Department of Treasury Community Development Financial Institutions Fund
• Federal Reserve Board's Community Reinvestment Act reports

• Local Initiatives Support Corporation, a national financial institution that funds community development corporations
  
• National Congress for Community Economic Development, a national association for the community-based development industry that, among other activities, supports state community development networks
  
• The Enterprise Foundation, a national organization that provides financial and technical assistance to a network of community development organizations

• NCSL state economic development topics
• NCSL Strengthening Families and Neighborhoods initiative
• NCSL workforce development topics
• Council of State Community Development Agencies
• Rural Policy Research Institute's community policy publications

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