Nov 18, 2019
Chris Lloyd Pens Final Article in Series on Winning the War Against Economic Development
In part three of an article series for the Michigan Economic Developers Association, McGuireWoods Consulting senior vice president and director infrastructure and economic development, Chris Lloyd, explores the importance of educating the public about economic development.
In Michigan, 1.4 percent of the general fund is spent on core economic development services. This comes out to $150 million, which sounds like a lot of money until it’s put into perspective.
“Economic development provides the money for transportation. It provides the money for health care. It provides the money for public safety,” Lloyd wrote.
When economic development is put on the chopping block in state budgets, oftentimes the public doesn’t understand what is being cut.
“There are few better salves for improving standards of living and quality of place than a focused economic development program,” he said.
Educating the public is essential – especially when the good news from project announcement headlines are quickly replaced.
“It’s incumbent upon the economic development profession to constantly tell our story to elected officials and the public. Transparency is to be embraced, not shunned,” Lloyd said. “By sticking to a few core messages about how investments in economic development lead to everything else that the people want, eventually, that message will sink in.”
In case you missed it…
Part 1 of Winning the War Against Economic Development Article Series
Part 2 of Winning the War Against Economic Development Article Series