For decades, if a community wanted to increase jobs, the go-to approach was to offer companies tax breaks and subsidies to relocate there.
This approach has lots of downsides. But perhaps the biggest problem for economic development officials now is that too often, this strategy simply doesn’t work.
Companies today are less interested in tax breaks and more interested in vibrant neighborhoods with affordable housing options, restaurants, nightlife, and other amenities in walking distance, and a range of transportation options for their employees.
If tax breaks were the old way to do economic development, creating great places is the new way.