Ten Things We're Thankful for in Economic Development

As we approach the Thanksgiving Holiday, the Hickey Global team wanted to take a moment to build a list of things we’re thankful for in economic development. With the hustle and bustle of deadlines throughout the year, sometimes it’s easy to forget what we love about the industry. This list isn’t exhaustive, but it’s a good start.

Thought leadership. While we’re in the throes of performing daily job tasks, it’s often impossible to research the next big industry trend or challenge. Thankfully, there are lots of great resources for reading up on what others are saying we should pay attention to. The resources offered through the International Economic Development Council’s (IEDC) Economic Development Research Partners (EDRP) and our very own Hickey Institute are excellent places to start gathering insights.

Teamwork. Teamwork makes the dream work. Whether that team is internal to your office or organization or includes external players from the broader region, state, or private sector, the strength of our teams is often what makes projects successful. Few things are as invigorating as being on a winning team.

Strategies. Not to get all “business” on you, but strategies are definitely something to be thankful for. They keep us on track and give us something objective to work toward. When strategies are developed with stakeholder consensus, they become even more powerful.

Travel. Economic development allows many of us to visit amazing places domestically and abroad. Working in a truly global industry means seeing some amazing places and viewing the world through a different and, hopefully, more inclusive lens.

Networking. Networks are essential, especially in “small” industries like economic development. Our networks give us access to best practices, help us make powerful introductions, gather new information, and can even help us find new jobs—three cheers for building strong networks in economic development.

Cool companies. Economic developers have a unique vantage point when it comes to understanding the diversity of industries and companies. There are lots of cool companies doing lots of cool things that we may depend on but wouldn’t otherwise be aware of if not for exposure through economic development work.

FAM Tours. Of course, familiarization (FAM) tours are fun for site selection consultants, but they can also be a blast for economic developers. It can be thrilling to know what the best parts of your community are, then have the ability to share them with others.

Job creation. Economic developers play a significant role in touching the lives of others by creating more employment opportunities for their communities. Job creation has a huge ripple effect. The next time you feel discouraged about your day, look back at your job creation stats and know that a multitude of lives have been touched for each job created.

Capital investment.  This is another frequently tracked economic development metric. While the numbers are big and exciting, beyond the financials of each project are the impacts those projects have on bolstering the local service offerings available to the rest of the community. Economic development investments help fix roads and bridges and account for critical community services like police and fire rescue, to name a couple.

The private sector.  We couldn’t forget about the entrepreneurs, small business owners, and corporate CEOs who move quickly, invest capital, and commit to job creation despite market uncertainty. Their decisions are the ultimate metric of an EDO's success.

As we reflect on the many aspects of economic development that inspire gratitude, it’s clear that our field is driven by collaboration, innovation, and a commitment to improving communities. There is much to celebrate, from the excitement of new projects and partnerships to the satisfaction of seeing positive change take root. As we enter this season of thanks, let’s continue recognizing and appreciating the people, strategies, and opportunities that make our work meaningful. Hickey Global wishes everyone a wonderful Thanksgiving filled with appreciation for our impact on economic development. What are you thankful for in terms of economic development this year?