About Economic Development

What is Economic Development?

In broad terms, the role of Economic Development in a community is to “build up the economic capacity of a local area to improve its economic future and the quality of life for all. It is a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation” (worldbank). In the simplest terms, economic development activities support the creation, expansion and sustainability of a robust local economy that provides the goods and services we expect from our community.

Where have we been? Where are we going?

In past years, Sherwood has held the honor of being one of the fastest growing cities in Oregon. With a population of only 3,080 in 1990, the City boomed to exceed 18,000 in the 2010 Census report.

With the swirl of growth around it, the City has managed to maintain a first rate quality of life for its residents through a unique park and recreation system, a great school system, and a revived central business district - Old Town. However, the City continues to struggle with an unbalanced tax base, despite availability of light industrial land. In response, the Planning Commission and Sherwood Urban Renewal Planning Advisory Committee (SURPAC) identified economic development as a priority in 2006. That same year, the City of Sherwood, with financial assistance from the Oregon Department of Land Conservation and Development, worked with consultants Cogan Owens Cogan and OTAK to develop a comprehensive Economic Development Strategy. The economic downturn slowed progress toward the Economic Development Goals identified in the strategy, but as economic conditions slowly improve, the City of Sherwood is renewing efforts to facilitate and help build a self-sustaining, vital and vibrant local economy. In 2013 the City Council again identified Economic Development as a high priority.

The Economic Development Vision Statement that guides these efforts declares, “The City of Sherwood will drive Economic Development and support businesses that provide jobs for our residents by building on our assets and developing the necessary infrastructure to retain existing businesses and support new businesses. Economic development will also be supported by maintaining our livability and character as a clean, healthy, and vibrant suburban community where one can work, play, live, shop and do business.”