States invest in three areas to encourage job and wage growth: the marketplace, the workforce, and the community. Marketplace investment includes general business support and finance assistance, small-business procurement programs, and tax incentives. Workforce programs develop and train the local labor force, connecting workers to family-sustaining jobs while meeting firm demands for skilled labor. Investment in community includes public goods such as transportation, electricity, telecommunications, and K–12 and higher education. Successful economic development strategies coordinate all three types of investment. This report shows governments how to better unify these strategies, track results, and direct resources to programs that achieve desired outcomes.
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