Why is Economic Development Important to Our Local Economy?

Economic development aids in building and sustaining a healthy economy for sustainable community development, including the following benefits:

Increase Commercial Tax Base:

  • Revenue provided by economic development initiatives to maintain a robust commercial tax base helps keep residential taxes low and provides support, maintenance and improvements for our roads, parks, libraries, and emergency services.

Job Creation and Retention:

  • Economic development encourages competitive wages, improved benefits, and increased opportunities for advancement.

Business Retention and Expansion:

  • Businesses are integral to Southborough's prosperity and when they feel appreciated and valued by the community, the result is higher business retention, job growth and investments in our Town.

Economic Diversification:

  • Southborough's diversified economic base with multiple business sectors helps expand our local economy and reduces our vulnerability to a downturn in any particular business sector, which could help Southborough to weather an economic downturn.

Productive Use of Property:

  • Property used for its "highest and best use" capitalizes on the premium value of that property and supports a vibrant community for residents and businesses.

Quality of Life:

  • More local tax dollars and jobs raise the economic tide for the entire community, support core Town services, and enhance the overall standard of living of our residents and our residential property values.

Shop Local:

  • Encouraging residents, visitors, and businesses to shop locally produced goods strengthens the health and sustainability of our local economy.

View additional Economic Development Metrics.

Show All Answers

1. How Can I Find Out More About Expanding or Relocating in Southborough?
2. How Can I Stay Connected with the Economic Development Activities in Southborough?
3. Who Are the Largest Employers in Southborough?
4. What are the Primary Business Industries in Southborough?
5. How is EDC Listening to the Voice of the Town?
6. Does the Economic Development Committee Support Open Space?
7. Who Does the EDC "Work" for?
8. I'm Interested in Becoming a Member of the EDC, How Do I Start the Process?
9. Who Can Become a Member of the Economic Development Committee?
10. Does the EDC need a Coordinator?
11. Why Should We Fund Economic Development Activities for Southborough?
12. What Services Does the EDC Provide?
13. How Does Southborough's EDC Measure Economic Development?
14. Why Does the Town of Southborough Have an Economic Development Committee?
15. Why is Economic Development Important to Our Local Economy?
16. What is Economic Development?
17. What is Economic Development?