The Three I’s of Economic Development

Our community is growing and is poised to continue that trend. Growth and development occur due to certain elements that encourage their presence.

Three of those encouraging elements are what I call the "Three I's of Economic Development." These three factors are not the defining solutions to economic growth; however, growth often does not happen without them.

Where one or more of the "Three I's" are at a stage of increase or improvement, the community can expect growth and development to ensue. In economic development terms, it means jobs are being created, businesses are opening and growing, the tax base is expanding, and residents are enjoying a favorable quality of life.

The Three I's of Economic Development are:

1. Infrastructure: This is the physical support system needed for the delivery of goods and services. It includes water and sewer systems, roads, bridges, telecommunications, and any avenue that transports commerce.

2. Investment: This involves an increase in capital spending. Investment increases the productivity of the economy and comes in a variety of forms, to name a few: equipment and machinery purchases, hiring new employees, and construction and building maintenance.

3. Innovation: This refers to the efficient and effective use of resources to solve problems. Innovation results in new ideas, new processes, new businesses, new industries, new applications, and entrepreneurship.

All of the "Three I's of Economic Development" are in an expansionary stage in Canton. Such projects as the Hickory Log Creek Reservoir, Technology Ridge Opportunity Zone, and multiple streetscape and road improvement projects are just a few examples of development initiatives in Canton that embody the "Three I's."

Local businesses are expanding and extending their customer outreach, and they continue to find solutions to meet their customers' needs.

The "Three I's of Economic Development" are aiding in Canton's growth. As they do, the economic outlook and business climate of our community will continue to improve.