P3 Proves Nimble in Economic Development

A public-private partnership’s flexibility allows it to do more for economic development, the CEO of the Economic Development Partnership of North Carolina told a county economic development group.

“As a state nonprofit, we are able to do what a state agency cannot, which is receive private-sector funding from entities such as banks, construction companies, utilities and others who use part of their budgets for business recruitment, tourism and other economic development functions,” Christopher Chung said before the Pitt County Committee of 100. “That generates an additional $1 million to $2 million a year in resources for those efforts.”

The P3 evolved three years ago from a division of the state’s Commerce Department and was charged with five core responsibilities. Among those objectives are supporting existing companies and helping small- to mid-sized companies sell abroad.

To read more about Chung’s presentation, click here.

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