What is Economic Development?


To the outside observer, Economic Development may seem confusing and complex. Many may wonder what exactly economic development is, and also what the role of the economic development organization is within one's own community. Simply put, Economic Development organizations help bring businesses to their particular community and try and create jobs. Of course there are many different ways this can be done, and this page provides some helpful resources that will help answer those questions. 


The Market for Prosperity: Understanding the Economic Development Process

Nationally known economist Ray Perryman  prepared this paper for the Texas Economic Development Council  with the intention of explaining economic development to non-experts. It is a short, very easy to read paper, and it provides some critical explanations of how economic development works, specifically here in Texas. Read the report here.


IEDC Reference Guide

The International Economic Development Council is the world’s largest membership organization in the economic development profession. IEDC’s Reference guide provides a very expansive and thorough explanation of what Economic Development is broadly speaking, and it will provide a great deal of knowledge related to economic development and how it works. Read the reference guide here.


Economic Development Terms

Greg Last is the former CEO of the Southlake Economic Development and Tourism office for over 20 years. During his tenure at Southlake, he compiled a list of over 700 terms that are used in economic development. This comprehensive list of terms is extremely helpful for anyone who hears a word used and does not know what it means. Mr. Last is currently the CEO of a private business called EDTBestPractices. Look up a term.