The Central Chamber Report

    The City of Central recently formed its Economic Development Committee.  Many people may wonder why we need such a committee and may be curious as to what Economic Development involves.  Back a couple of years ago I had a series of articles on the subject of Economic Development.  Over the next few weeks I will rerun these articles. 
    We often hear the phrase, "Economic Development" but do we have any idea of what it means? “Economics” can be defined as the production, distribution, and consumption of wealth.  “Develop” is to make fuller, bigger, better, cause to come into being, and to enlarge upon.  So, “Economic Development” could be defined as “doing what is necessary to create, sustain, improve, and increase the production and handling of wealth.”  Mark Young, past president of the Arkansas Economic Developers Association, President of the Jonesboro Regional Chamber, and Certified Economic Developer, gave a presentation where he defined “Economic Development” as simply “Wealth Building.” 
    Economic development is vital for every city in our area and every city is competing in this arena.  To be successful we must bring our priorities into focus, eliminate the waste of time, energy, and money and increase our likelihood of success. 
    Many may think that economic development involves simply drawing more business into a particular area.  However, in order to accomplish the “wealth building” that Young talked about, he presents five facets of economic development that must be in place, engaged, and further developed. He lists these in five facets in the order of their importance: Workforce Education, Infrastructure, Leadership, Business Industry, and Recruitment.   
    The goal of the City of Central Chamber of Commerce is to enhance the quality of life in our community through service, leadership, and economic development.  If we are going to thrive as a community, instead of just surviving, we all need to embrace and be educated in the importance of economic development.  Over the next few weeks I will discuss each of these five facets of economic development in more detail.  Together we can be informed and continue to build a great community for future generations!  
    The Mission of the Central Chamber shall be to guide, inspire, and promote the business and professional interests of its members and to enhance the economic, cultural, and recreational opportunities of the citizens of Central.
Ron Erickson
President – Central Chamber