Careers in Economic Development
Job prospects
For people with great organizational and communication skills, an ability to build consensus and project a vision, to manage projects, and who want to significantly want to better the world they live in, becoming an economic development professional is a perfect career.
Every community has economic development professionals working to grow the local economy. In the eight county region of Metro-Madison alone there are 288 municipalities working to improve the local economy. In the State of Wisconsin there are over 1800 government entities.
The Market for Economic Development Leaders is growing!!
- According to the US Department of Labor, there is a growing need for trained individuals in the field of economic development and planning. Economic development planners held an estimated 34,000 jobs in the US in 2006 with 68% employed by local governments. Faster than average employment growth is projected for economic development planners with expected growth of 15% from 2006 to 2016.
- Every community has economic development professionals working to grow the local economy.
- Specific to Wisconsin, the Wisconsin Department of Commerce has identified more than 220 government and non-profit entities focused on community and economic development within the state. Dane and Milwaukee counties alone account for 72 separate entities, many representing small communities and rural areas. The Wisconsin Economic Development Association (WEDA) now has over 500 members and continues to grow each year.
- The State of Wisconsin is a leader in the creation and management of Main Street programs (45 exist throughout the state) and Business Improvement Districts (65 exist throughout the state). Each Main Street program or BID has on average a staff of four people. Salaries in these organizations range from $35,000 to $100,000.
- The Madison area is hot-bed of sustainable or “green” development; where jobs of the future are expected to grow the fastest. Organizations such as Thrive (www.thrivehere.org) are working to expand the local economy by focusing on green companies in key industries such as agriculture, health care, and bio-technology. URED coursework is heavily focused on sustainability and preparing for these new jobs.
- Interviews conducted with community economic development directors in the region identified a clear need for individuals with strong entrepreneurial thinking, leadership skills, along with financial and marketing planning skills.
Where might a person work who is interested in economic development?
- Economic development councils, departments, corporations
- Government or politics
- Extension services
- Banking, financial institutions
- Foundations
- Microenterprise development programs
- Redevelopment corporations
- Housing organizations
What might their job title be?
- Director of economic development
- Project manager/officer/Project associate
- Project administrator
- Executive officer
- Community development specialist
- Director of special projects
What are some of the job functions of a person who works in economic development?
- Prepare economic development plans for and market underinvested neighborhoods
- Recruit business and industry, address tourism issues, and work on retention of business and industry
- Oversee preparation of abandoned sites: clear titles, deal with environmental issues
- Promote and provide technical assistance on micro enterprise
- Advocate and facilitate home ownership and insurance coverage
- Teach economic and business skills including money management
- Staff public/private partnerships, facilitate groups
- Write grants
- Manage public relations
Professionals in economic development should possess skills in:
- Evaluation of community assets and barriers to improvement including formal and informal systems
- Management and finance relative to land use, home ownership, small business development, banking, and loans
- Consensus-building with community coalitions, grassroots groups, public/private collaborations
- Counseling, consultation, and technical assistance
- Group facilitation and training/leadership development
- Policy development that integrates social and economic development efforts
- Communication, information, and referral/media relations
What personal characteristics should a person in economic development have?
- Ability to facilitate the shaping of a vision for the community
- Skill in establishing trust in order to gain acceptance in the community
- Positive, upbeat attitude
- Patience and organization with attention to detail
