Understanding Rural Economics & Creating Stronger, More Sustainable Rural Economies

Local government officials, community leaders, business owners, and others are invited as we follow the flow of monies in to and out of local economies, in search of ways to keep more money circulating locally. Business and economic restructuring has not been kind to rural America, as business ownership is now often far removed from the communities where the businesses are located, coupled with the exodus of commerce as retail trade shifted from main street to regional hubs to online shopping and the titan of e-commerce, Amazon. 

Many once prosperous rural communities are experiencing a “downward spiral” as population decline, business closures and budgetary constraints compound to impact the rural narrative. Despite this shift, thriving rural towns dot the landscape. Rural is an area rich in resources that can be mobilized to shift rural from “fly-over-country” to a land of economic prosperity. However, a one-size-fits-all approach to community economic development is not a viable path forward as America’s rural places are unique, as are the challenges they face. Regardless of their differences, rural America needs a fresh approach to community economic development based on an understanding of the circumstances that led them to their current state and a commitment to work together to chart a pathway to a better future. The path forward utilizes the community’s unique strengths, abundant land and natural resources, scenic and cultural amenities, entrepreneurial spirit, sense of community, and youth as drivers of the 21st-century rural economy. 

The workshop was developed for community leaders, business owners, and local officials from small rural communities who are looking to improve their small towns' economic well-being, which in turn will enhance the quality of life for the community’s residents. 

Thursday, March 27, 2025, at 12PM CT
 

Local government officials, community leaders, business owners, and others are invited as we explore ways to improve the economic well-being of small rural communities, which in turn will enhance the quality of life for the community’s residents. Many once-prosperous rural communities are advancing along a downward spiral toward economic collapse as population decline, budgetary constraints and an overall sense of hopelessness overwhelm the rural narrative. 

However, other rural places have reinvented themselves as rural is an area rich in resources that can be mobilized to shift rural from “fly-over-country” to a land of economic prosperity. A one-size-fits-all approach to community economic development is, however, not a viable path forward as America’s rural places are unique, as are the challenges they face. The framework for the future focuses on innovation, youth engagement, a sense of community, and entrepreneurial thinking. Some rural places are attracting seniors or working to “reverse the exodus” of youth to shore up rural population decline. Areas rich in outdoor recreation assets and cultural amenities are utilizing tourism as an engine for economic growth, while others are reinventing Main Street. Still, others are focusing on the three-legged stool of entrepreneurial development, business retention and expansion, and “targeted” business attraction as tools for a more promising economic future.  

The workshop was developed for community leaders, business owners, and local officials from small rural communities who are looking to improve their small towns' quality of life and economic well-being.  

About the presenter:
 

Susan Odum is a University of Illinois Regional Extension Specialist in Community Development. Susan’s community development education programs provide rural residents with the knowledge needed to break the cycle of decline impacting many of Illinois’ small, rural communities. Her programs help community groups better understand their individualized role in community development and planning; the importance of using a data-driven decision-making process; the significance of strategies focused on providing support for entrepreneurs, existing businesses, and new business start-ups; the basis for using the community’s unique assets; and the importance of pursuing community economic development from a regional perspective. Within the specialization, Susan has translated research on rural economics into programming, empowering residents of small, rural communities with information and the opportunity to make informed decisions. Susan graduated summa cum laude from Southern Illinois University Carbondale with a Master of Business Administration (MBA). She began her career with the University of Illinois Extension in 2005 and holds the certification of Professional Community and Economic Developer from the Community Development Council.