Economic development aids in building and sustaining a healthy economy for sustainable community development, including the following benefits:
Increase Commercial Tax Base:
- Revenue provided by economic development initiatives to maintain a robust commercial tax base helps keep residential taxes low and provides support, maintenance and improvements for our roads, parks, libraries, and emergency services.
Job Creation and Retention:
- Economic development encourages competitive wages, improved benefits, and increased opportunities for advancement.
Business Retention and Expansion:
- Businesses are integral to Southborough's prosperity and when they feel appreciated and valued by the community, the result is higher business retention, job growth and investments in our Town.
- Southborough's diversified economic base with multiple business sectors helps expand our local economy and reduces our vulnerability to a downturn in any particular business sector, which could help Southborough to weather an economic downturn.
Productive Use of Property:
- Property used for its "highest and best use" capitalizes on the premium value of that property and supports a vibrant community for residents and businesses.
Quality of Life:
- More local tax dollars and jobs raise the economic tide for the entire community, support core Town services, and enhance the overall standard of living of our residents and our residential property values.
- Encouraging residents, visitors, and businesses to shop locally produced goods strengthens the health and sustainability of our local economy.
View additional Economic Development Metrics.