Student Corner: Courting Locally: The Economic Gardening Strategy

<p>It is a story as old as time. The process can be exhausting in the pursuit of “the one”, and the search can go long and far. While that old story typically refers to love, the same can be said for the relationship between places and economic development. Cities across the country have continually pursued big businesses meant to stimulate their economies and increase wealth. This courtship of large companies typically means offering incentives such as tax breaks and subsidies, which can present challenges in ensuring cities are getting fair deals. But what if “the one” was right before their eyes? What if communities could grow their economies from within?</p> <p>Romantic references aside, economic gardening is an economic development strategy meant to help communities grow from within. The strategy is grounded in the premise of local entrepreneurs operating companies that will bring new wealth and economic growth to a region in the form of jobs, tax revenues, per capita income, and an increase in vitality for the local business sector. As opposed to focusing on attracting big business, the economic gardening approach is to nurture local businesses.</p> <p>Economic gardening was first pioneered in Littleton, Colorado by Chris Gibbons, the city’s Director of Business/Industry Affairs. When the program began in 1989, the city of Littleton had just lost its largest employer, construction supplier Martin Marietta. Martin Marietta’s closing resulted in nearly 7,000 employees being laid off during a recession. Rather than attempt to bring in new companies, Gibbons’ approach was to grow the companies already located in [...]</p>