Intervention Strategies
Myrtle Beach, South Carolina faces the economic challenge of attracting high impact investment. Currently, the community is experiencing a critical shortage of developers needed to stimulate economic activity. The developers seem to lack confidence in the community’s ability to re-energize the long-stagnant markets thereby discouraging investments. This essay recommends potential interventions that could usher a new regime of investment at Myrtle Beach.
Two Community Economic Development Interventions Explored
In module Five, we discussed some of the key economic development interventions, which could help address the problems facing Myrtle Beach community. The two most important interventions include export promotion and import substitution. Export promotion means that the community must start creating industries which serve external consumers or which bring in external money (Muro et al. 2007). Attracting external dollars will grow the economy of the community. Some of these industries or companies include mining, manufacturing, agriculture, and services like tourism, software, and telemarketing. Import substitution is all about recycling the external money to expand the community’s economy. A larger community can provide for its services and goods.
Strategies and Case Models to Tackle the Issues and Challenges
I would recommend a mixture of three basic economic development strategies. First is to attract new companies, then promote the growth of local business and finally retain the current businesses (Muro et al. 2007). For the community to be successful, it must critically analyze its current assets, institutions, and resources. Developing and attracting new industries and firms will be a hard task for Myrtle Beach community. However, this may be achieved by enticing companies by use of land availability and tax incentives to start a new factory or plant in the community.
Gaps in my Solutions
There are no gaps in the solution provided because it is comprehensive and receptive to the needs of the community. It covers all the areas thus blocking any chances of loopholes. In fact, the recommended solution would be greatly effective as it compliments and resources and nature of Myrtle Beach community.
My Projected Success
As mentioned, Myrtle Beach faces the challenge of stimulating high impact economic activities. However, we will achieve the desired economic development using the proposed interventions including creating more jobs, sustaining job creation and diversifying the local economy (The, W. H. & Beverly, 2016). While implementing the solution is no easy task, these strategies have…
