Tools commonly used in the Economic Development Agencies industry for day-to-day tasks and operations.

• Business Retention and Expansion Programs
• Workforce Development Programs
• Site Selection Tools
• Market Research and Analysis Tools
• Business Incubators and Accelerators
• Entrepreneurship Programs
• Financing and Incentive Programs
• Export Assistance Programs
• Industry Clusters Analysis
• Strategic Planning Tools

Common products and services typical of NAICS Code 541690-54, illustrating the main business activities and contributions to the market.

• Business Attraction
• Workforce Development
• Entrepreneurship Programs
• Business Incubators
• Export Assistance
• Industry Clusters
• Site Selection
• Market Research
• Strategic Planning
• Financing Programs

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Economic Development Finance Professional (EDFP): This certification is provided by the National Development Council (NDC) and is designed for professionals who work in the field of economic development finance. The certification covers topics such as real estate finance, business credit analysis, and loan packaging. The EDFP certification is recognized by the International Economic Development Council (IEDC).
• Certified Economic Developer (Cecd): This certification is provided by the International Economic Development Council (IEDC) and is designed for professionals who work in the field of economic development. The certification covers topics such as business retention and expansion, marketing and attraction, and strategic planning. The CEcD certification is recognized as the standard of excellence in the economic development profession.
• Certified Business Retention and Expansion (BRE) Professional: This certification is provided by the BRE Academy and is designed for professionals who work in the field of business retention and expansion. The certification covers topics such as data analysis, strategic planning, and program implementation. The BRE Professional certification is recognized by the International Economic Development Council (IEDC).
• Certified Economic Development Volunteer (CEDV): This certification is provided by the International Economic Development Council (IEDC) and is designed for volunteers who work in the field of economic development. The certification covers topics such as community assessment, strategic planning, and marketing. The CEDV certification is recognized as a way to demonstrate a commitment to the economic development profession.
• Certified Site Selection Consultant (CSSC): This certification is provided by the Site Selectors Guild and is designed for professionals who work in the field of site selection. The certification covers topics such as site analysis, labor market analysis, and incentives negotiation. The CSSC certification is recognized as a way to demonstrate expertise in the site selection process.

A concise historical narrative of NAICS Code 541690-54 covering global milestones and recent developments within the United States.

• The Economic Development Agencies industry has a long history dating back to the early 20th century when the first agencies were established in the United States. These agencies were created to help stimulate economic growth and development in local communities. Over time, the industry has evolved to include a wide range of services such as business attraction and retention, workforce development, and infrastructure development. In recent years, the industry has seen significant growth due to increased demand for economic development services from both the public and private sectors. Notable advancements in the industry include the use of data analytics to inform economic development strategies and the adoption of public-private partnerships to finance economic development projects. In the United States, the Economic Development Agencies industry has experienced significant growth in recent years. This growth can be attributed to a number of factors including increased competition among states and cities to attract businesses, the rise of the knowledge-based economy, and the increasing importance of workforce development. Economic development agencies have responded to these trends by expanding their services to include talent attraction and retention, innovation and entrepreneurship, and international trade. Additionally, economic development agencies have become more strategic in their approach, using data and analytics to inform their decision-making and measure the impact of their programs. Overall, the Economic Development Agencies industry in the United States is poised for continued growth in the coming years.

The anticipated future trajectory of the NAICS 541690-54 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for Economic Development Agencies in the USA is positive. The industry is expected to grow as more businesses and communities seek assistance in navigating the complex economic landscape. Economic Development Agencies will continue to play a vital role in helping businesses and communities thrive by providing resources, expertise, and support. With the increasing focus on sustainability and innovation, Economic Development Agencies will also need to adapt to new technologies and trends to remain relevant and effective. Overall, the industry is expected to experience steady growth in the coming years.

Recent groundbreaking advancements and milestones in the Economic Development Agencies industry, reflecting notable innovations that have reshaped its landscape.

• Launch Of the Opportunity Zone Program: The Opportunity Zone Program was launched in 2018 to encourage investment in economically distressed communities. Economic Development Agencies have played a key role in promoting the program and helping businesses take advantage of the tax incentives it offers.
• Expansion Of Small Business Development Centers: Small Business Development Centers (SBDCs) provide resources and support to entrepreneurs and small business owners. Economic Development Agencies have been instrumental in expanding the reach of SBDCs and increasing their impact.
• Focus on Workforce Development: Economic Development Agencies are increasingly focusing on workforce development to help businesses find the skilled workers they need to succeed. This includes partnering with educational institutions and training programs to provide workers with the skills they need to thrive in the modern economy.
• Emphasis on Sustainability: Economic Development Agencies are placing a greater emphasis on sustainability and environmental stewardship. This includes promoting green technologies and practices, as well as encouraging businesses to adopt sustainable practices.
• Use Of Data Analytics: Economic Development Agencies are increasingly using data analytics to inform their decision-making and measure their impact. This includes analyzing economic trends, identifying areas of need, and tracking the success of their programs and initiatives.