As acknowledged in Thrive MSP 2040, regional economic competitiveness is a core element of the Region’s sustained prosperity. Collectively, the region must provide great locations for businesses to succeed – particularly those industries that export products or services beyond the metropolitan area and bring revenue and jobs to the region.
Economic competitiveness in the context of comprehensive planning refers to examining and strengthening the ability of the region to compete effectively and prosper in the global economy. Economic development typically refers to activities that directly aim to retain, attract, and grow businesses that bring wealth into a community or region. Economic development in our region is effectively carried out by organizations such as Greater MSP, economic development authorities, cities, port authorities, industry associations, the Minnesota Department of Employment and Economic Development (DEED), nonprofits, counties, chambers of commerce, and businesses. While the Metropolitan Council does not assume an active role in economic development, the Council’s role in providing regional infrastructure, services, and amenities that serve as a foundation for economic growth is intended to align with and support ongoing economic development efforts to the greatest extent possible.
The economic competitiveness resources offered in the Local Planning Handbook are presented to support communities that choose to develop an economic development element or otherwise integrate economic competitiveness into their comprehensive plan.