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GOAL: ECONOMIC DIVERSIFICATION <br />Diversify the area’s economy through enhanced programmatic, <br />marketing, and infrastructure capacity. <br /> <br />Destination retail and higher education have put San Marcos on t <br />generated thousands of jobs for the region. However, as Greater San Marcos <br />continues to mature into a community of choice, it is more important than ever for <br />regional leaders to develop a greater variety of local jobs. While many dynamics <br />affect a place’s overall competitiveness, a diversity of quality employment <br />opportunities is the biggest catalyst for long-term viability. Accomplishing this <br />requires an economic development program that balances existing business <br />expansion, recruitment of new companies, and entrepreneurship. <br />Local economic development has had to change with the emergence of the New <br />Economy. No longer can economic developers rely on traditional tment <br />activities alone to generate job growth, if they ever really couTarget sector <br />development is best pursued through the three-pronged approach of: (1) existing <br />business retention and expansion; (2) targeted recruitment; and <br />and entrepreneurship support. The combination of these approache <br />a more robust economy by pursuing multiple avenues for job growth. To achieve <br />this, the implementing organizations must be dynamic and efficient. <br /> <br />As was outlined in the Community Assessment, economic diversification arose as a <br />priority issue during the public input process. Additionally, in the City of San <br />Marcos’ Community Summit and Visioning Process of 2009, community <br />stakeholders identified economic development as the top issue related to the <br />community’s ability to achieve its vision. This objective focuses on refinement of <br />existing and the creation of new economic development practices within Greater San <br />Marcos. <br /> <br />Final Strategy <br />September 2009 21 <br /> <br />