Magnetic Communities include towns, cities, counties, states and regions that excel in attracting and retaining money, a process that creates a positive cash flow. Because local businesses, residents and local governments have an ever increasing amount of money to spend, they prosper. Prosperity allows businesses to grow, create jobs, increase wages and pay dividends; it allows residents to improve their quality of life and personal well-being by providing the money necessary for better housing, healthcare, education, leisure activities, etc.; and it allows governments to generate the tax revenue necessary to provide the services residents and businesses need to succeed.
In the final analysis, communities and governments cannot create prosperity. Residents must prosper for communities to prosper, and communities must prosper for governments to prosper. The obvious approach then is to implement economic development strategies that create prosperous residents. Just think about it, when was the last time you saw a prosperous community without prosperous residents.