For many years the County’s economic development functions have been performed by the Dept. of Economic Development (DED) and in recent years was supplemented by the Montgomery Business Development Corporation (MBDC). County Executive Ike Leggett has decided to establish the Montgomery County Economic Development Corporation (MCEDC) as the County's lead economic development organization (EDO). MCEDC is a 501c3, public-private partnership that will replace both DED and MBDC and serve the County's business retention, expansion, creation, and attraction needs.
Montgomery County is competitive – but we need to be more competitive in order to meet the dynamic challenges that face the Washington DC metropolitan region… We must be more attuned to business trends and needs. We must be more flexible in our approach… Bringing the private sector in to lead our economic development will allow our County to be more nimble and adapt quickly to market changes and business community needs.
- County Executive Isiah Leggett, June 30, 2015
On June 30th, 2015 the County Council approved the legislation to privatize the County's economic development functions. This is a major accomplishment that will increase private sector engagement to aggressively attract and grow businesses in the County and to be more responsive to changing business dynamics.
The goals of the restructuring are:
The County Executive continues to work with County leadership and the new MCEDC Board of Directors during the transition and expects to have the organization operational by late spring of 2016. In the interim, the Dept. of Economic Development continues to serve the needs of the County's business community. Please read the Economic Development Restructuring Flyer for more information.