How to increase the income in a certain city? (market, schools, major)
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I currently reside in a small town in Upstate New York that is home to two universities; one SUNY and one private. These two schools basically run the local economy. There is no major business other than your basic retail; Walmart, Walgreens, TJ Maxx, Office Max, and so on. As a result of small business and education ruling the economy here, the income is a bit low, about $25K for a household and $40K for a family.
I am wondering how governments, and other organizations help raise the income of a specific area. Obviously, it involves attracting new companies/industries but how? Tax breaks? Land grants? How can the average income be increased?
I think you should start by asking why businesses don't choose this city.
What cities nearby do they choose instead? Why?
A manufacturing business tends to like lower priced land, good but not too expensive labor, and good access to distribution resources (roads, rail, etc.). They may also want reasonable regulations.
Retailers wants customers.
High tech companies want talent.
Tourism needs attractions.
Etc......Pretend you are a business looking for a new location. Where would you choose?
04-07-2012, 11:05 AM
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Originally Posted by frischee112
I currently reside in a small town in Upstate New York that is home to two universities; one SUNY and one private. These two schools basically run the local economy. There is no major business other than your basic retail; Walmart, Walgreens, TJ Maxx, Office Max, and so on. As a result of small business and education ruling the economy here, the income is a bit low, about $25K for a household and $40K for a family.
I am wondering how governments, and other organizations help raise the income of a specific area. Obviously, it involves attracting new companies/industries but how? Tax breaks? Land grants? How can the average income be increased?
Some Urban Planning practices can encourage the economy of a local area for getting significantly better.
Some possible ways are to decrease excessive taxes for businesses/companies, decrease the price of monthly and annual renting/real estate for businesses/companies. Those lower costs can bring in a lot of successful businesses/companies that bring more wealth to the area in that way.
Also, it is good for a place to get a diversified economy so it does not rely one sole thing too much.
It seems like the location you mentioned does not have a diversified economy so few benefit from it and it is highly vulnerable.
Urban Planning can also make a place much more desirable in other ways not related to Economics. And that can actually indirectly influence companies/businesses to go to locations that offers desirability/higher quality of life for the people that will work for those jobs.
Companies/Businesses and other things like that related to the economy are very selective for where they want to be in.
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