VP Economic Development

VP Economic Development

What is the job description of VP economic development? What are the roles and responsibilities of this job? These are things we will discuss.

Who Is VP Economic Development?

A VP of economic development is a high-level executive who is responsible for overseeing economic development. And also the growth of a business or a particular industry within an area. 

This position is usually filled by a person who has had extensive experience in the field. And also has worked his/her way up through the ranks.

Responsibilities of VP Economic Development

The responsibilities of this position can vary depending on the company. But in general, the VP will oversee all of the economic development activities at the company. 

This includes:

  • The creation and design of new business expansion plans
  • Creating marketing programs to target potential clients within an area
  • Working with local governments and businesses to develop policies that will help businesses within an area thrive
  • Analyzing local market trends and determining how they can be used to help grow businesses within a community
  • Preparing sales pitches for potential clients and working with them to create plans to grow their business once it expands into a new area. In some cases, the VP will also be required to go out into the field and meet with clients regularly. 

They may also be called on to attend meetings with local officials and politicians. So that they can voice concerns about how economic growth can be optimized in an area.

These are just some examples of what a VP economic development does regularly. There may be other tasks that are assigned to this role, as well. 

For example, if specific marketing efforts are being planned for a new product or service line. Then this person will likely take part in those efforts or oversee them completely. 

In any case, they will have a great deal of influence over what happens in terms of economic growth in their community or industry.

Education Requirements for VP Economic Development

The educational requirements for this role can vary depending on what company you work for. Many times, you will find people who have earned degrees in business administration or economics working in this role. 

Some companies may prefer candidates who have earned Master’s degrees in these areas. Some companies do not require formal education at all.

And will instead look at the experience and a candidate’s ability to demonstrate strong leadership skills when making hiring decisions.

What It Takes to Be VP Economic Development

A candidate for this position must possess strong communication skills, excellent interpersonal skills. Moreover, strong leadership skills and being able to inspire confidence. 

They must also be able to work very well in a team environment, be a good problem-solver, and can plan. 

The person filling this role will also need to be detail-oriented, organized, and reliable. And they will in most cases report directly to the CEO or other top executives at the company. 

How Much Is The Salary Of This Position?

The salary for this position can vary depending on your experience. Also, the company you work for, and the industry you are in. 

For example, the average salary for a VP of economic development in the United States is $135,000 per year. But this is just an average.

 It’s very possible to earn significantly more or less than this amount if you have a lot of experience or if you work for a large company. 

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