Economic Development Director Salary
Median pay for Economic Development Directors in the United States lies in the neighborhood of $70K per year. Job satisfaction for Economic Development Directors is high. Male Economic Development Directors are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 56 percent of the field. Medical benefits are awarded to a large number, and more than half earn dental coverage.
Job Description for Economic Development Director
Economic development directors oversee fundamental tasks regarding the advancement of their company's economic development. Those in this position are expected to develop policies which facilitate the growth of their area of operation and develop working relationships with members of the community, including local businesses and the general public. Maintaining these personal relationships is often the key to success in this position.Read More...
Duties revolve around fostering the growth of the economy of one's assigned area by developing new and innovative policies. He/she may fulfill tasks such as researching the best policies for their company, addressing economic issues within the community, and developing new ways to handle them. This director may also negotiate property sales to assist in economic development endeavors.
Those in this position may have various legislative duties and may be expected to serve on committees if assigned to do so. They may be expected to promote local businesses or the sales of lots to prospective businesses in order to further develop the local economy. They will also work on finances in various aspects of their business. Knowledge of maintenance of various structures and their status in attracting potential businesses can be especially important to the role.
Economic Development Director Tasks
- Develop and implement policies to expand reach and scope of department.
- Create, report on, and adjust department budget, including setting goals.
- Hire, mentor, and evaluate a team, setting goals, and defining projects.
- Collaborate with many stakeholders and create positive relationships.
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Pay by Experience Level for Economic Development Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Economic Development Directors who reported more years of relevant experience also reported higher earnings. Salaries for the relatively untried average out to around $54K, but survey participants with five to 10 years of experience earn a significantly higher median of $70K. On average, Economic Development Directors make $85K following one to two decades on the job. Economic Development Directors who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $91K on average.