As we head into 2024, there are some exciting positive economic development trends you should keep on your radar. With the right economic policies and investments, many experts are hopeful that the coming year will see broad-based growth, more economic opportunities, and a higher standard of living. Monitor these key areas that could improve economic development and deliver widespread benefits.
Supporting Small Businesses Fuels Job Creation
Small businesses are critical engines of economic development. They generate innovation, dynamism in the economy, and most net new jobs. Supporting small business growth through access to capital, resources, and networks allows them to thrive. In turn, their success creates employment and income that circulate through local communities. Pay attention to new small business grant programs, mentorship initiatives, and small business job numbers as indicators of economic development. More small businesses hiring is a healthy sign.
Investing in Workforce Skills Aligns Labor Supply and Demand
There is growing urgency around better aligning workforce skills development with current and future labor market needs. Individuals gaining relevant, high-demand skills and employers having access to the skilled talent they need facilitates economic growth. Watch for expanded vocational training, apprenticeships, career coaching, and programs that provide more people with in-demand skills. Closing skills gaps in key industries helps workers qualify for quality jobs available now and those emerging in the future. According to Zippia, 37.2% of all business consultants are women, with the other 62.8% being men.
Infrastructure and Technology Upgrades Enhance Competitiveness
Infrastructure and technology serve as pillars underpinning economic expansion. Transportation networks, utilities, broadband internet, smart grids, 5G, and more provide literal and digital foundations for growth. Upgrading infrastructure and hastening technology adoption allows regions to attract investment and talent. Look for new infrastructure projects getting underway and tech upgrades accelerating across sectors. Modern, efficient infrastructure and technological integration make areas more competitive.
Tracking developments in these spaces can give you a pulse on the trajectory of economic development. Supporting conditions that allow small businesses, skilled workforces, and infrastructure to progress can set the stage for broad, sustainable growth in jobs, wages, and quality of life. The initiatives getting off the ground now determine the economic landscape we will inhabit together in the future. If you’re looking to use economic changes in a positive way to grow your business, we can help guide you. Call Activate Detroit now to learn more.