Week 1 Pre-assignment Bankole Kehinde Seun Davenport University ECON 625 Anne Cramer 11-03-2018 Over time

Week 1 Pre-assignment

Bankole Kehinde Seun

Davenport University

ECON 625

Anne Cramer

11-03-2018

Over time, communities often experience changes that affect their states of economy. Economically viable cities easily adjust to changing conditions and even reinvent their economic bases as needed. However, smaller communities often find it difficult to make significant adjustments because they are more likely to depend on a single economic sector, and lack the infrastructure, facilities, and human capital needed to tackle the complicated economic and social challenges facing their communities. Consequentially, this made many small towns and cities across the country seen shrinkage in their job base. This will make many residents to move to other places with greater opportunities, leaving behind the residents with few other options, which can lead to poverty in struggling communities.
Generally, many cities channel their efforts to economic development through recruiting and retaining major employers such as manufacturers or large retail stores. The cities can focus on attracting group of related firms and institutions that benefit from being close to each other. Although, while the recruitment strategies can bring new jobs to a community, employers often moves jobs from one region to another, rather than creating new jobs. Thus, focusing on recruitment alone can be challenging for smaller cities, because governments of larger cities often offer land, tax relief, and other incentives to attract major employers and the smaller cities cannot offer the same level of resources and incentives to employers, which makes it difficult for them to compete.
The city that I believe that has a potential to a new business is the city of Dubuque in the state of Iowa. It is located in northeastern Iowa along the Mississippi River; Dubuque is approximately 175 miles northwest of Chicago. Its population, estimated to be 58,276 according to the most recent United States census estimates. Dubuque, Iowa is the 11th largest city in Iowa based on official 2017 estimates from the US Census Bureau. Dubuque was one of the first settlements west of the Mississippi River and grew along its banks as the mining, fur-trading, and manufacturing sectors thrived. While most economic development strategies engage recruitment activities, small city like Dubuque can integrate recruitment with their existing assets and distinctive resources. Even if the city loses its major employers as economic driver, it has other assets that it can use to stimulate the local economy and rebuild its economic foundation. The approach I believe that the city of Dubuque, IA can implement may comprise the following:
• Identifying and building on existing assets.
• Engaging all members of the community to plan for the future.
• Taking advantage of outside funding.
• Creating incentives for redevelopment to encourage investment within the local community.
• Encouraging cooperation within the community and across the region.
• Supporting a clean and healthy environment
In order for city of Dubuque, IA to sustain the economy of its community, it is important to look at its assets and needs. With these in mind, it will help the city clarify where it would like to go and how it can get there.