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The 3 I's of Economic Development

The 3 I's of Economic Development. Where one or more the 3 I's is at a stage of growth, increase, or improvement,  the better off a community is likely to be. This means that jobs are created, the tax base is expanding, and a higher quality of life is being enjoyed by citizens. The more of the three, the greater the likelihood that economic prosperity is either being enjoyed or will be enjoyed by the respective benefitting region.
  1. Infrastructure- The physical support system needed for the delivery of goods and services. It includes water, sewer pipes, roads, bridges, cables, water, telecommunications, power, and sewage treatment plants. Infrastructure is essential to ALL businesses and citizens alike. The better a region's infrastructure, the more favorable that community is to business and commerce.
  2. Investment- Jobs are created when businesses invest. Typically these investments include equipment and machinery and the people to operate them, sales people, managers, and other additions necessary to facilitate and improve productivity. Investment = Jobs.
  3. Innovation- The fuel to new industries, goods, services, and ideas. Because our rapidly growing technology has an untold number of undiscovered uses, we see the rise of new applications and enterprises centered around it. Where there is innovation there is an increased chance of not only improving the infrastructure, but also increasing business investment.
Because all three work together to accomplish a singular goal of successful economic development, they inevitably overlap. Where the 3 I's of Economic Development are at work, chances are highly likely that new jobs, a growing tax base, and a strong economy are not too far behind.

 


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