What is Economic Development?

Ed Blakely, a nationally known expert on economic development and author of "Planning Local Economic Development" defines economic development as "a process in which local governments or community-based (neighborhood) organizations engage to stimulate or maintain business activity and/or employment."

Cities, counties, and states find themselves faced with the challenge of constantly repositioning themselves to stay competitive in an ever-changing, global economy. One way in which these entities assess and determine strategies for strengthening and maintaining their economies is through economic development activities. For cities with struggling economies, economic development is primarily focused on improving or enhancing the local economy. On the other hand, cities with healthy economies focus their economic development efforts on maintaining the local economy.

In the early 1990's, the entire nation suffered from an economic downturn that also affected Burbank. Lockheed, for example, shut down its Burbank operations and 12,000 jobs were lost instantly. Moreover, Lockheed's closure affected a variety of other companies that supplied them with goods and services. The early 1990's were the beginning of Burbank's transition from a largely industrial economy to one that is now based on several economic sectors, primarily media, entertainment, and communications.

Burbank has recovered from the difficult economic times of the early 1990's. Burbank is a prominent example of the effectiveness of proactive economic development efforts on the part of municipal government. Today, Burbank maintains a healthy economy, and is home to more than 100,000 employees.

The City of Burbank undertakes its economic development activities through business retention and attraction efforts, workforce assistance, and marketing and advertising. Burbank also has a Commercial Building Rehabilitation Loan Program for eligible properties in the City Centre, Golden State, and South San Fernando Redevelopment Project Areas. The newly formed Verdugo Jobs Center Annex (the Workforce Connection) will provide a link between Burbank residents seeking employment opportunities and employers looking to fill positions.

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