Communities across the country, and the world, are trying to attract companies to invest and create jobs. Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. State and local governments routinely offer companies billions of dollars in fiscal incentives, including cash grants, rebates, and tax credits, to entice them to relocate, expand, or stay in a specific locality. In the United States, based on the most recent figures, the estimated total annual value of fiscal incentives is around $90 billion. How can governments maximize the return on investment for attracting businesses in an era in which state and local revenues are declining, expenditures are increasing, and capital investments are more difficult to acquire?
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