The general steps for local governments to formulate economic development plans in the United States are as follows:
Chart 1: steps for local governments to attract investment in the United States
Source: Institute of prospective industries
Establish banks and non-governmental professional economic organizations
The first thing for banks and non-governmental organizations to establish professional economic organizations is to determine the organizational form. There are two forms of organizations for economic development: one is to organize half public and half private companies to carry out daily operations, which requires the active cooperation of relevant government departments; the other is that the government directly assumes the responsibility for economic development. If the central task of the government is economic development with the active participation of the business community, the form of government is often more suitable. On the contrary, if economic development is not the top priority of the local government, and the business community is unwilling to deal with the government directly, then the semi public and semi private corporate form seems to be more effective.
In the United States, more and more places have adopted the form of companies and invested a lot of manpower and financial resources into the economic development companies. However, the government must take the responsibility of decision-making and coordinate the rational use of public resources. The institutions or organizations that guide investment in the United States include:
Chart 2: professional economic organizations for investment promotion of local governments in the United States
Source: Institute of prospective industries
Preferential policies
The economic development strategies of the United States can be roughly divided into three categories: preferential fiscal policy, improvement of public facilities and government services, and public-private partnership.
Chart 3: introduction of preferential policies for investment promotion of local governments in the United States
