Economy

The general growth and development of a community depends in large part on economic opportunity. In the case of Northwood, the economy depends upon the level of agricultural activity and to a lesser extent upon the industrial and commercial service sectors. The field of economics at the community level can be divided into three interrelated categories: (1) the general economic viability of the community; (2) the fiscal conditions of the community�s government; and (3) the economic condition of the city�s residents. This section of the plan will address the first by reviewing available economic information about the community. Specifically, it will review employment/unemployment, retail sales, and agricultural and trade area information. The latter two items will be discussed in general terms as they relate to the ability to accomplish certain goals outlined in the specific functional areas (i.e. transportation, community facilities, etc.).