Economic Development Specialist

Industry:
Public Sector
Last Updated:
September 19, 2023

Job Description Overview

Are you interested in Economic Development Specialist job description? As an Economic Development Specialist in the Public Sector industry, your main responsibility is to support the growth of your local economy by creating and implementing strategies that attract new investments, businesses, and jobs. You analyze data to identify and evaluate opportunities for development and work with stakeholders, such as local government officials, non-profit organizations, and businesses, to develop plans that align with community goals. You also provide technical assistance and resources to entrepreneurs and businesses to help them succeed. Your job may involve writing grant proposals, drafting economic reports, presenting to community members, and organizing events to promote economic development. To succeed in this role, you must have excellent communication, analytical, and problem-solving skills, and be knowledgeable about economic trends and policies. A Bachelor's degree in economics, business, or a related field is required, and relevant work experience is highly valued.

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Job Duties and Responsibilities

  • Creating and implementing plans to attract new businesses and industries to the community
  • Developing programs and initiatives to support small and local businesses
  • Conducting research and analysis to identify economic trends and opportunities
  • Forming partnerships with other organizations to foster economic growth
  • Providing information and assistance to businesses seeking permits and funding
  • Evaluating the effectiveness of economic development programs and strategies
  • Advocating for policies that support economic development in the community
  • Planning and coordinating events and meetings related to economic development
  • Communicating with stakeholders about economic development initiatives and progress.

Experience and Education Requirements

When you want to become an Economic Development Specialist in the Public Sector industry, you need a few things under your belt. First, you'll need a bachelor's degree, preferably in economics, public administration, or a related field. Some employers may also require a master's degree. Next, you'll need some experience in economic development or a related field, such as finance or policy analysis. Internships or volunteer work in these areas can help you get started. Additionally, having strong communication and analytical skills, as well as experience with data analysis, can be beneficial. With these qualifications, you'll be well-positioned to help drive economic growth in your community.

Salary Range

The Economic Development Specialist salary range in the Public Sector industry can vary depending on factors such as location, experience, and education. In the United States, the average salary for an Economic Development Specialist is around $65,000 per year, with salaries ranging from $41,000 to $100,000 per year. However, this can vary depending on the state and city you work in. For example, in California, the average salary is $81,000 per year and in New York, it is $78,000 per year.

In Australia, an Economic Development Specialist earns an average salary of AUD $93,574 per year. In the United Kingdom, the average salary for an Economic Development Officer is £32,500 per year. 

Sources:

  • Salary.com
  • Payscale.com
  • Glassdoor.com

Career Outlook

If you're considering a career in economic development, you may be wondering what the job outlook is like in the public sector industry. The good news is, according to the Bureau of Labor Statistics, employment of urban and regional planners (which includes economic development specialists) is projected to grow 11% from 2019 to 2029, much faster than the average for all occupations. This growth is due to the increasing need for infrastructure improvements and community development. Additionally, with the ongoing pandemic, economic development specialists are in high demand to assist with business recovery and job creation efforts. Overall, it seems that the career outlook for economic development specialists in the public sector industry is looking positive and promising for the next five years.

Frequently Asked Questions (FAQ)

Q: What does an Economic Development Specialist do?

A: Economic Development Specialists work to attract and retain businesses, improve job opportunities, and stimulate economic growth in a region or community.

Q: What qualifications does an Economic Development Specialist need?

A: Typically, a bachelor's degree in business or economics, public administration, or a related field is required. Strong communication, analytical, and interpersonal skills are also important.

Q: What kind of work environment does an Economic Development Specialist have?

A: They may work in an office or travel to different locations within their region or community. They work closely with government agencies, community groups, and business leaders to achieve economic development goals.

Q: What are some common daily tasks for an Economic Development Specialist?

A: They research economic trends, develop marketing strategies to attract businesses, negotiate deals and incentives with companies, and organize community events to promote economic growth.

Q: What impact does an Economic Development Specialist have on their community?

A: Economic Development Specialists play a vital role in improving the overall economic health of their community or region. They work to create new jobs, diversify the local economy, and enhance the quality of life for residents through increased economic opportunities.


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