Encouraging downstream processing: industrial policy or resource nationalism?

Why is it crucial to consider downstream processing at this time? There has long been a discussion in economic policy circles about downstream processing, most notably in the context of central planning or mercantilism, as evidenced by the former Soviet Union. With the fall of the Soviet Union, the demise of central planning, and the dismal outcomes of industrial policy as it was implemented in both developed and developing nations during the 1970s and 1980s, it would have been simple to assume that this conversation had come to an end. It seemed reasonable to assume that recent history would have provided enough empirical proof to reassure even the most doubtful. Over the last three decades, global trade has expanded at an unprecedented rate, leading to a significant decline in poverty. This can be attributed, at least in part, to specialization and the dispersion of supply chains. Notably, global trade has outpaced global GDP growth, refuting the claims made by proponents of policies

How Local Economic Development Can Be Driven by Municipalities

Economic development is not only essential to your local government because it gives residents more opportunities and a higher quality of life, but it also raises money to enhance municipal service delivery and permits revenue growth for public sector companies.Municipal governments have many reasons to be enthusiastic about local economic development in their communities, including the continuing passage of Infrastructure Bill grant dollars being distributed nationwide and the cultural shift from working from offices every weekday to a "work from anywhere" mentality.

Americans are shifting from big, expensive cities to smaller, more affordable cities and suburban areas. As a result, towns of all sizes will need to get ready for more new business registrations, new zoning, and the requirement for more sophisticated physical and digital infrastructure to handle population growth.This is your guide to the benefits of government-led local economic development for modernizing your community and the ways in which your local government can and should support the success of local businesses.

Why Is Economic Development Important to Local Governments?

The ultimate objective of elected city leaders and other municipal employees should be to reduce stress and improve the quality of life for their residents through financial success and greater property values. Additionally, when profitable companies register in your neighborhood, your municipality receives more tax money and has more money available to fund large-scale projects that will enhance your city. Re-election for you and better living conditions for constituents are the results of flourishing business and contented constituents.Given that continuous inflation is only making matters worse on a national level, the significance of local economic development is more important than ever. In order to generate employment, keep up with growing expenses, and keep your community competitive in relation to other towns or areas where prospective voters may be thinking about relocating, your local government needs to place a high priority on economic growth. 

People are relocating out of pricey cities and into more reasonably priced areas and smaller municipalities around the nation in large numbers. According to a recent National Association of Realtors report, fewer people moved into large cities like New York, San Francisco, and Chicago in 2022 than left. Actually, according to data from 2023, almost 70% of US ZIP codes have less incoming moves in 2022 than in 2021. This means that in order to attract potential new residents, your city must be ready to offer amenities and a robust economy. Does the local economy have what it takes to welcome newcomers? 

Local economic development: What is it?

The process of promoting company development to strengthen the local economy, provide new job opportunities, enhance the standard of living, and increase community engagement is known as local economic development, or LED. Because local governments have the authority to promote business registration and job creation inside their community, municipalities are frequently evaluated based on how the economy is developing locally. Should economic expansion and employment prospects not be promoted in the region, citizens will become disenchanted with their local government and vote for new representatives. Ignoring the need to produce jobs in your community can also increase poverty and financial instability in your city, among other unfavorable consequences. What are the advantages of local economic development for local governments? Developing your community's economy has many advantages that benefit both the local government and the populace.

Municipalities can gain from local economic development in the following ways:

1. Contented Voters (and Another Election!)

Unquestionably, having financial independence helps constituents feel less stressed. You can reduce poverty by just helping self-employed businesses and bringing suitable jobs to your area. What better approach to make your town more egalitarian for everyone while also lowering stress levels among local residents?

Happier locals will undoubtedly encourage their political representatives to stay in office, and an increase in employment opportunities will draw more individuals to your community. Make sure you control the influx of newcomers and residents into your town and encourage them to support neighborhood businesses.

2. Increased Building Development

The number of business, residential, and public buildings in your community will be able to grow significantly with the help of infrastructure bill money and local economic growth. Give your community's physical infrastructure first priority to guarantee that new construction projects are completed on time and that aging structures are updated.

More construction in your county will boost the local economy and entice residents to visit the companies housed in the new structures.

GovTip: Use these useful municipal construction software modules to expedite the completion of construction projects:

Permitting Software: Businesses and residents can apply for permits around-the-clock by using a cloud-based platform that allows citizens and municipal employees to access digital permit applications. These applications can then be lodged immediately on your county or municipal website. Online permitting software replaces manual data entry, checks, phone calls, emails, PDFs, and other outdated procedures.

Inspection Software: On-site inspections and real-time, cloud-based record keeping straight from mobile field devices save governments numerous hours and resources when used in conjunction with GovInspect App and GovPilot platform. You may easily download the GovInspect app to any device from Google Play and the App Store.

Report-A-Concern Software: Residents can use the GovAlert mobile app that comes with the module or an online form to report concerns about their community. The issue is forwarded to the appropriate government agency when it is filed.

Municipal officials can be informed about maintenance projects that need to be completed as well as new development projects that your inhabitants would want to see in the near future by the construction department.

3. Higher Tax Revenue and Application Charges

Increased business registration, building projects, and the influx of new residents are all signs of economic progress in your community. For many years to come, your local government will continue to receive an increase in tax revenue as well as application fees from construction permits and other licenses. You can use this increased funding as needed to enhance constituent services in your town and find solutions to local issues. Adding application fees to the citizen and corporate applications on your government website is an excellent method to increase revenue for your local government. Find out more about the best government credit card processing partners, digital government fee and fine collection, and GovPilot's tax department software.


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