Public-Private Partnerships Incentivize Industrial Development

Public-private partnerships (P3s) are vital to a community’s growth. Collaboration between the public and private sectors fosters development projects that result in creating or retaining jobs as well as adding to the tax base of a community.

Land development isn’t the only benefit to these partnerships, most communities have dedicated staff within their economic development or community development departments who serve as liaisons to help the private sector navigate the complexities of regulations and procedures. This role involves fostering relationships, streamlining processes, and championing projects that align with the community’s development needs. At the core, economic development professionals are charged with attracting new businesses, working to grow existing businesses, and supporting workforce development initiatives. They advocate for and support initiatives that contribute to the community’s economic well-being.

Read the full article here.