A strategic economic development plan is a must for economic growth, but how do factors like infrastructure come into play? Here’s a fast and easy briefing on infrastructure and economic growth, plus how the two go hand in hand!
What Is Infrastructure?
Infrastructure is defined as the physical structures and systems of a business, nation, or region that typically allows access to public goods and services. Infrastructure looks like roads, subways, airports, bridges, trains, railways, and similar structures. The goal is to serve your community and city by allowing it to properly function.
What Is Economic Growth?
Economic growth relates to the increased production of goods, services, and structures. This growth aims to increase and improve in an inflation-adjusted market, allowing citizens to thrive.
Factors that increase and contribute to economic growth include but are not limited to capital goods, labor force, and technologies. Ideally, the growth should be sustainable, which is done by spreading this growth and its rewards fairly to multiple groups and communities.
How Are the Two Related?
As mentioned previously, infrastructure allows movement. It is essential for economic growth. By incorporating infrastructure to an economic development plan, economic growth can be seen sooner and will be more sustainable.
Additionally, infrastructure can contribute to an economy and thus the community by increasing the mobility of workers and products, increase competitiveness in the market, reducing the overall cost of delivered goods, and even removing constraints of productivity.
All of these factors are a huge perk for concerns like economic growth and development, especially within small communities. It can also help to benefit important things like internet availability, job security, expanded road networks for easier, safer travel, improved electrical quality, and so much more.
Learn More About Infrastructure and Economic Growth in South Miami-Dade With Our Ample Resources!
Whether you’re new to subjects like infrastructure and economic growth or you’ve been keeping up with the latest information, the Economic Development Council of South Miami-Dade is here to help with our continuous education and easily accessible resources. Contact us today to learn more about important issues and find out how you can join our newsletter!