3 Encourage & Promote Economic Development

Economic development is typically sought after by communities because:

  • it provides employment to residents,
  • it offers goods and services, and
  • it provides tax revenue to fund local services.

Even though the city enjoys a relatively strong economy based on those three considerations, the City of Groton continues to seek ways to strengthen its economy even further. In a survey conducted during this planning process, residents identified attracting economic development and managing fiscal pressures as two key issues for the City in the future.

Since certain non-business uses can provide employment, goods and services, and more in tax revenue than required in service costs, such uses are also considered to be economic development. This can include age-restricted housing and other types of housing.3-13-2