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What is Economic Development and Why is it Important?

What is Economic Development and Why is it Important?

By:MBREDC Staff

What is Economic Development?

Economic development is simply defined as the progressive efforts taken by area leaders to grow, enhance, protect, sustain and diversify their community and the local economy. Successful economic development takes community buy-in. We often say that economic development is a team sport, and that couldn’t be truer. From community and financial support to recruitment efforts and workforce development, success in economic development is dependent on partnerships in both the public and private sectors.Through a clear vision, quality leadership and determination, community leaders and the Myrtle Beach Regional Economic Development Corporation (MBREDC) are focused on two primary goals:

  1. To attract, retain and grow sustainable businesses that create jobs in Horry County.

  2. To diversify the local economy with industries like advanced manufacturing, aerospace, corporate headquarters and technology.

So, why Economic Development Is Important?

Economic development is important for a lot of reasons, but primarily because it creates good job opportunities for locals and helps improve the overall economic well being of the community.There are currently 110,000 people in Horry County workforce, with more than half of those people making $10 per hour or less.  We have the lowest average wage MSA in the country.  Much of that is due to the fact that the Grand Strand has always been a tourist and service industry based community.  But we have the potential for a lot more. Look at cities like Charleston, S.C. and Savannah, GA, who are successful in tourism and hospitality, but have also been able to capitalized on industry growth in areas like aerospace, biomedical, manufacturing and more. The MBREDC and our predecessors have worked to help diversify the economy buy recruiting companies in targeted industries such as aerospace, advanced manufacturing, technology, call centers, corporate headquarters and more.  These efforts have created thousands of jobs and built the foundation for opportunities that will help grow and sustain community for many years to come.

We are putting Horry County Back To Work, one job at a time.  Industry growth is on the rise and this community have a very bright future!

 

For more information on how to become of member of the MBREDC and job support creation, call 843-347-4604 or visit us online at www.mbredc.org.

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