Indiana Rural Symposium Crafting a Common Language among Community Foundations and Economic Development July 17, 2012 Dick Heupel, CEcD Ball State University.

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Presentation transcript:

Indiana Rural Symposium Crafting a Common Language among Community Foundations and Economic Development July 17, 2012 Dick Heupel, CEcD Ball State University

What is Economic Development? What is your definition?

What is Economic Development? Common measures –Job creation – Quality of Life –Business attraction – Infrastructure dev –Business retention/ – Increasing tax base expansion – Agri-business dev –New business development – Education –Standard of living – Workforce –Tourism development development

What is Economic Development? AEDC Definition The process of creating wealth through the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services. The economic developer’s role is to influence the process for the benefit of the community through expansion of job opportunities and the tax base.

What is Economic Development? IEDC Definition Economic development can be defined as a program, group of policies, or activity that seeks to improve the economic well being and quality of life for a community by creating and/or retaining jobs that facilitate and provide a stable tax base.

What is Economic Development? David Dodson’s Definition Economic development is a process by which a community creates, retains, and reinvests wealth and improves the quality of life.

A Community Economy: The Leaky Bucket A Community Economy: The Leaky Bucket from Small Town Magazine

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