For decades, local economic development has revolved around enticing companies to relocate with tax breaks and subsidies. There are a lot of problems with this approach, but perhaps the biggest is that today, it’s a strategy that often simply doesn’t work.
A new trend in local economic development is emerging. Talented workers—and the companies who want to employ them—are increasingly moving to walkable neighborhoods served by transit, with a vibrant mix of restaurants, cafes, shops, cultural attractions, and affordable housing options.