Economic Development Programs are economic programs that help the community by addressing the economic needs of the people through the creation of sustainable business development and employment opportunities. They are important for the improvement of cities and the improvement of citizen’s lives that are living in those cities.
After the Great Recession, New Jersey had a much worse recovery compared to other states. There was an increase in business needs, transportation and energy costs, and global competiveness therefore shifting the economic dynamics. The New Jersey Economic Development Programs are essential to the economic growth of New Jersey. These include programs such as: The Business Employment Inventive Program, The Business Retention and Relocation Assistance Grant Program, and The Economic Redevelopment and Growth Program.
The Business Employment Incentive Program diverts the employee’s income taxes, up to eighty percent, to the employer for up to ten years. The Business Retention and Relocation Assistance Grant Program allows an annual corporate income tax credit of three thousand dollars per employee and includes any business that is considering leaving the state or considering expanding. Both these programs are aimed at job retention and creation. Other projects are focused on the encouragement of developing and redeveloping such as the Economic Redevelopment and Growth Program. As of 2013, the Economic Redevelopment and Growth Program was consolidated with GROW NJ due to the Economic Opportunity Act that New Jersey passed.
Cities are constantly being developed and improved to help further the good of the economy. Essentially, the goal is to drive cities to be more entrepreneurial and to increase the competition between cities. Some plans that cities use for these developments are places such as pedestrian malls, arenas and stadiums, marketplaces, and casinos. My personal favorite of these difference schemes are the pedestrian malls such as Faneuil Hall located in Boston, Massachusetts.
There, merchants and artisans can sell their products in places such as Quincy Market. It is the most successful marketplace in America. After visiting there, it was clear that Faneuil Hall was a beautiful place for the city to come together to experience different cultures and support one another’s businesses. It helps the economy in a unique way that is enjoyable for everyone. There are many ways to help the economy, and through these different schemes, the economy benefits as well as the citizens living in that city.