This completely updated and revised edition of Levy's highly regarded work examines the important changes in the economic world faced by communities since publication of the first edition in 1981. Much new material has been added to reflect the increasingly important role of state government, heightened intermunicipal competition, rising foreign investment, the diminished availability of federal development funds, and more. Like the previous edition, this is designed as a how-to book for the practitioner as well as a resource for students of public administration, planning, and development economics. The author provides a general framework for considering the pros and cons of various economic development approaches, offers an overview of the new federal role in local economic development and the rationale for national economic development policy, and presents a systematic discussion of local economic development techniques, strategy, financing and tax abatement, federal and state programs, and marketing and promotion. Following a general introduction, Levy looks at the political context of economic development, local government organizations and personnel, and recent economic changes— including the deindustrialization issue and foreign trade-related matters. Chapters on the role of the states, reasonable expectations, and local economic development in the national context are new to this edition, as is a chapter that surveys actual practitioner experience in order to identify what does and does not work in local economic development. Subsequent discussions focus on the use of public relations, advertising and marketing in local government; assessing economic development potential; development planning and financing; and labor markets and fiscal impacts. An important addition to this edition is the inclusion of a simple, generic PC-based fiscal impact model. Indispensable for anyone involved in local economic development, this new edition offers a comprehensive look at the development situation faced by communities as we move into the 1990s.