Town of Brownsburg Blog

Oct 1st, 2014
02:02 PM
about 4 years ago

Economic development creates the conditions for economic growth. It focuses in, on, and improves on our quality of life by expanding the capacity of individuals, firms, and the community to maximize the use of our talents and skills, to support innovation, to lower production and transaction costs, create jobs, and responsibly produce and trade valuable goods and services.  This is economic development.

Economic development is most effective when there is a collaboration of the public and the private sectors for advancing mutual gains.  It’s a partnership between the public (Town of Brownsburg) and the private businesses we want to attract, as well as those we want to retain, and have expand within our community. That is the difference from economic growth.

Economic growth comes from the implementation of economic development policies and procedures. These allow for the production of the goods or services by and from businesses, existing or new.

Economic growth is an increase in the regions productive capacity, as measured by comparing the gross national product (GNP) in one year to the GNP in previous years.  The increase in capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth.

We are seeking out economic development opportunities that are sustainable and that advance industries with environmental responsibility while growing the economy.

Our efforts begin with our “business-friendly approach” by offering a great location, amenities and a balanced quality of life, which is our key to start to grow our economy.

Our efforts will encourage the entrepreneurs and innovators for the start up industries that fuel attraction, which will develop into retention, that ultimately leads to the growth of businesses and the creation of jobs within our community.

This is development versus growth, and it all starts with an awareness and understanding of the difference.

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Brownsburg, IN 46112
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