An economic development specialist works in many areas, such as companies, and government offices. His or her work may differ – not entirely – depending on which area they are working on but is more or less the same if you look at the big picture.
The work involves researching to formulate plans aimed at addressing economic problems, related to businesses, and the general public.
The basic idea behind hiring an economic development specialist is to ensure that professional level management support is provided to the department, in areas such as marketing and research, and planning.
To be considered eligible for this position, one has to possess a degree in business, with at least one major in economics. As a candidate for this position, you will need to maintain a highly analytic mind, as you will be performing planning and analysis on a daily basis.
Moreover, you will need to be exceptionally well-versed in performing economic development and support work to broaden commercial and industrial bases, depending on which area you are contributing to.
Furthermore, a person working as an economic development specialist needs to possess exceptional knowledge of marketing, research handling, and community development planning. Since you will be a prime contact for all people involved in an economic development plan, it is essential that you know what the work is all about, and possess the ability to educate others about it as well.
What follows is a list of duties that you will be expected to perform in the role of an economic development specialist.
Economic Development Specialist Duties & Responsibilities
• Create, and develop effective liaison with managers and other professionals within assigned regions or areas.
• Evaluate economic, statistical, and demographic data to analyze the best way of attracting and retaining businesses.
• Identify and recruit business prospects, and respond to new business queries, according to protocol.
• Promote retention and expansion of business businesses within assigned areas, and develop and maintain cooperative relationships with existing companies.
• Compile and analyze information aimed at explaining economic situations, and forecasting market trends.
• Formulate recommendations, and plans to resolve financial problems and to interpret markets.
• Study and examine the socioeconomic impact of new policies, including proposed legislation, taxes, and
• Educated other economic development personnel the theories, principles, and methods of economics.
• Oversee research projects, and provide input in areas that require leadership and intervention.
• Implement targeted programs, aimed at improving relationships with prospects, consultants, decision makers, and media information sources.