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Critical Factors in Attracting New Business and Industry in Oklahoma

Economic development concerns the creation, attraction, expansion, and retention of jobs and income. A community or region can pursue many avenues when attempting to encourage economic development. Economic development usually means improving or expanding existing business or attracting new business and industry. There are several reasons why attracting new business or industry is a popular approach to economic development. [2] 1. New business or industry can provide needed expansion and diversification to a community’s or region’s economic base. 2. Recruiting business and industry, as opposed to assisting existing business development, is an easy concept for community leaders and the general public to understand and support. 3. New business and industry can have a quick, highly visible impact with new jobs, income, families, and potential community leaders. 4. Recruiting business and industry is an accepted, traditional approach that has an established support system in the development programs of state governments, utilities, and other organizations.