Economic Development Tactical Guides

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The COVID-19 crisis has created massive challenges for cities. Given the unique nature and magnitude of this crisis and resource constraints, many local economic development teams lack tools to adequately respond and drive economic recovery. The aim of the Economic Development Tactical Guides is to help local economic development leaders rapidly develop and deliver impactful programming.

In April 2020, Bloomberg Associates launched the Economic Response and Recovery Program to help cities rapidly and effectively respond to the economic impact of the COVID-19 crisis and work towards recovery.

As part of this work, we developed tactical guides to help local economic development leaders accelerate the development and deployment of impactful projects. These straightforward, how-to guides provide cities with a concise set of recommended actions backed by practical case studies, step-by-step actions, and plug-and-play tools to accelerate implementation. They were as relevant during the first months of the pandemic as they are today.

If you have questions on these guides or please contact us at econdev@bloomberg.org.

Equity

The Covid-19 pandemic has fueled inequality in cities to an extraordinary degree, and economic development as a practice has not historically been driven by equity considerations. The actions in this category have social, economic, and racial equity at their core so that residents from all kinds of backgrounds can thrive.

Business Development

Good business development should strengthen a city’s economy and create new opportunities for residents and businesses alike. Cities must be able to attract and retain businesses that create good quality jobs and increase their tax base.

Infrastructure and Real Estate Development

Strong infrastructure is the foundation upon which successful businesses are created, and the foundation needed for residents to thrive. These actions capture land use policy, reacting to dynamic real estate markets, and ensuring high-speed internet is affordable and available for all residents.

Small business and neighborhood development

A thriving small businesses ecosystem creates vibrant commercial corridors and places for residents and visitors to get what they need. These actions include tactics to increase access to flexible capital, strengthen business supports, and more.

Workforce Development

People must be at the center of job creation efforts, not an afterthought. Responding to changing labor market trends, funding workforce training, and creating skills pathways are just a few considerations that must go hand in hand with smart economic development practices.

Funding Programming

Cities must look at a range of options to deliver and sustain economic development programs. These actions include best practices on how to raise and/or use funds even when the task seems out of reach.