Definitions: Business Retention and Expansion

Business Retention and Expansion – Healthy communities have strong, healthy businesses. As competition among communities for increasingly footloose businesses heats up, business retention programs have become the most popular economic development efforts of communities nation-wide. While retention programs emerged in response to business defections and the negative impacts those defections have on the local economy, they have increased in importance as communities recognized that real job growth over time comes from local business expansion. Surveys of U.S. economic development organizations rank it as the number one economic development activity.

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