What is Economic Development, and Why Should You Care?

May 10, 2025

Next week is Economic Development Week, a national celebration of the people and partnerships working behind the scenes to grow strong, resilient communities. For us at the Greenwood-Leflore-Carroll Economic Development Foundation, it felt like the right moment to take a step back and answer a simple but important question: What is economic development, and why should you care?

At its core, economic development is about helping a community thrive. That means creating good jobs, supporting local businesses, attracting new investment, and improving the quality of life for everyone who calls this place home.

Our work has evolved over time. In the early days, economic development mostly meant chasing smokestacks and trying to land the next factory or rail line. And while recruiting industry is still important, the field has grown to include much more, including workforce development, entrepreneurship, downtown revitalization, and quality of life initiatives.

Greenwood and Leflore County have been at this work for a long time. In 1956, the Mississippi Legislature passed a bill allowing the City of Greenwood and Leflore County to create the Greenwood-Leflore Industrial Board. That marked the beginning of formal economic development in our region, led by a full-time professional dedicated to moving the local economy forward.

Today, economic development is more of a team sport. At the EDF, we are proud to work with our colleagues at the Chamber of Commerce, the Greenwood CVB, and Main Street Greenwood to improve our community. We also work closely with our utility partners, along with education and workforce leaders at our local schools, community colleges, and universities. We collaborate regularly with regional workforce development groups and state organizations like Accelerate Mississippi, the Mississippi Development Authority, and others involved in economic development.

All of this collaboration helps us focus on the EDF’s three main priorities: industrial development, workforce development, and entrepreneurship.

In industrial development, we are supporting companies that want to grow here. With support from the Mississippi Development Authority, we are creating a master plan for the Greenwood-Leflore Industrial Park and conducting site due diligence work to improve our speed to market. Over the past year, the EDF has helped existing industries like Delta Grain and Hickok Waekon secure tax abatements to invest in new equipment. We supported Saylor Wheel with its free port warehouse exemption and worked alongside Greenwood Leflore Hospital as it successfully applied to the Rural Community Hospital Demonstration Program. In Carroll County, we assisted with incentives for a new solar project that is on the horizon.

On the workforce side, we see our role as a connector, helping local employers find the talent they need and working with our partners to fill the gaps. This past year, we hosted a regional Workforce Summit that brought employers and training providers to the same table. Another initiative we are especially excited about is a new work release program in development with Delta Correctional Facility. It will allow inmates to work for local companies, earn market wages, pay off debts, and save for their return to society. At the same time, it gives local industries access to a motivated and reliable workforce.

Our third focus is entrepreneurship. While new small businesses do not always make headlines, they are vital to a thriving economy. According to the U.S. Small Business Administration, nearly half of all private-sector jobs in America are in small businesses. That is why we have partnered with the Chamber, the CVB, and the City to bring in Proof Incubator, a group helping local food and beverage entrepreneurs take their ideas to the next level. It is part of a broader effort to rebuild and reimagine our local dining scene after the loss of several longtime restaurants.

Each of these efforts work together to strengthen our community. Economic development is not just about landing the next big factory. It is about creating a place where people want to live, where young families can build a future, and where businesses have what they need to succeed.

So why should you care about economic development? Because it shapes the everyday life of our community. From the jobs available to the businesses that open, from downtown improvements to educational partnerships, it all connects back to economic development. And at the end of the day, it is about making the Greenwood-Leflore-Carroll region the best possible place to live, work, and invest.

Happy Economic Development Week. Let’s keep moving forward together!

Thomas Gregory is a certified city planner and executive director of the Greenwood-Leflore-Carroll Economic Development Foundation.