In last week’s column, we explored economic development efforts in Eagle County and the importance of regional collaboration and cooperation across jurisdictional boundaries. This week we’ll define economic development and provide some concrete examples of collaborative efforts that you may not be aware of.
Most people consider the definition of economic development to be related to business attraction, industrial growth, home building, or some type of construction within our region/county. Job creation is also in the economic development mix. All of these are true, and important, components of economic development.
At its core, when we talk about economic development, our end goal is essentially a net gain of money flow (increased economic activity) into the community. This is equally true in Denver, Eagle County or any other location. Tourism, construction, development, small business growth and the expansion of our medical/health & wellness efforts all tie into this idea of increased economic activity in our valley.
While government policies at the municipal, county and state level certainly come into play to create an environment for businesses to succeed, our easily understood definition of economic development is increased cash flow into our economy.
So what is being done to support economic development (net gain of cash flow) in Eagle County? Numerous efforts are underway throughout the county. Some examples:
Each of the above are examples of collaborative efforts to help Eagle County succeed and to drive “economic development”. Each helps to achieve our end goal outlined above: to result in a net gain of money flow into the community. These collaborative groups provide the opportunity to leverage our efficiencies and improve how our individual towns might contribute on a greater scale via human capital or intellectual knowledge and sharing best practices, thus creating an environment that allows business to succeed in our community.
We’ll continue the discussion about economic development in Eagle County next week.
What can your business do to help? If you benefit from the Vail Valley Partnership’s economic development activities and collaborative efforts, get off the sidelines and join the Partnership. If you are already a member, tell your neighbors to join to help us do more here in the valley.
