Place-Based Economic Development

What is “place-based” economic development?

Place-based economic development is a promising strategy used by a growing number of communities in North Carolina. It is based on the premise that a sustainable local economy must be planned and developed as an appropriate response to the possibilities and limitations of that particular place.

Place-based economic development:

• is rooted in a community’s interest in the “triple bottom line” of economic, social, and environmental returns on investment,
• is focused on unique features of a particular landscape or culture
• is locally driven and capitalizing on existing local assets,
• provides a balanced long-term approach to sustainability of resources, and
• is dependent on creative entrepreneurship and long-range vision.

How much impact does place-based economic development have in North Carolina?

Place-based economic development in North Carolina generates approximately 20,000 jobs that cannot be exported from local communities. It has existing revenues in excess of $2.1 billion and approximately $1.1 billion in investments – much of it in rural communities.

It also provides recreational amenities, supports working farms and forests, and provides ecosystem services such as watershed protection and carbon sequestration.