Economic Development Master’s Programs in Utah
Overview of Economic Development Graduate Programs
Economic development masters programs help prepare students who wish to pursue careers in the public, private, and non-profit sectors—with a focus on sustainable strategies to enhance the economic, social, and political growth of communities.
These programs typically include a multidisciplinary mix of courses that provide students with a solid foundation in economic theory, development, and policy analysis, as well as practical skills in data analytics, critical thinking, and leadership.
What Is Economic Development?
Economic development refers to policies and programs created to improve the economic well-being and quality of life at a local, national, or global level.
Economic development professionals work with industries, government, and community organizations to design and implement strategies to create positive change.
Examples of economic development strategies include:
- Helping local businesses to set up and grow Attracting new business investments, workers, and jobs
- Promoting and leveraging community assets and resources
- Connecting skilled workers with local businesses
- Creating vibrant spaces where people want to live and work
- Expanding and diversifying the tax base
- Improving the overall quality of life of a community
Why Pursue an Economic Development Master’s Program?
An economic development master’s program may be an ideal option if you want to help individuals and communities to prosper by developing plans for creating strong, resilient, and inclusive economies.
Economic development professionals deal with diverse issues, including regional and urban planning, geography and mapping, demography, political science, business recruitment, marketing, tourism, recreation, and more.
An economic development master’s program may help prepare you with the knowledge and practical skills to:
- Understand the causes and impact of social, economic, and population changes
- Use Geographic Information System (GIS), IMPLAN, or other statistical software and economic models to make data-driven decisions
- Develop (or improve) sustainable local economies, infrastructure, and services
- Assess and measure the effectiveness of community programs and other initiatives
- Develop collaborative strategies with other organizations to enhance community health
Program Requirements and Curriculum
Types of Master’s Programs in Economic Development
Because economic development is a diverse and expansive field, a number of master’s in economic development degree programs exist. Here are some examples:
- Master of Arts (or Science) in Community Development
- Master of Arts (or Science) in Global Development
- Master of Arts (or Science) in Political Economy
- Master of Arts (or Science) in Urban Studies
- Master of Business Administration with an emphasis in Economic Development
- Among others
Students may opt to pursue one of these master’s degrees in economic development or numerous others. Or they might pursue a Master of Arts or Master of Science specifically in Economic Development.
Admissions Requirements
Admissions prerequisites vary depending on the graduate program that you choose. However, all programs will likely require that you have earned a bachelor’s degree from a regionally accredited institution.
Additionally, some schools may require that you have majored in economics—or that you meet specific undergrad course prerequisites in economics, mathematics, and social sciences.b
Common admissions requirements for economic development master’s programs include:
- A GPA of 3.0 or higher
- Official transcripts from all schools you’ve attended
- Resume or CV
- Statement of academic purpose
- 2-3 letters of recommendation
- GRE, TOEFL, or IELTS test results
Core and Elective Courses
The goal of many economic development master’s programs is not only to provide a strong understanding of core theories and principles, but also to teach students how to apply theory to practice.
These graduate degrees are typically 30 credit hours or less, with core coursework that provides a broad overview of economic development and elective courses that allow you to enhance your knowledge.
Depending on your program, core courses might cover topics such as:
- Economics (micro, macro, and economic theories and applications)
- Economic development (theories, methods, policies, and data analytics)
- Community development (structures, processes, and capacities
- Population, land use, and municipal finance (cost-benefit and impact analysis)
- Applied statistics and econometrics
- Leadership and policy development
- Research methods and applications
While elective coursework may delve into subjects including:
- Local, regional, national, or international development
- Public sector, behavioral, or institutional economics
- Resilient communities and environments
- Community ventures, non-profits, and organizations
- Entrepreneurship
- Law and ethics
- Financial recording and management (grant-writing and fundraising)
These are just some of the many subjects that you may study in your economic development master’s program. It’s important to research the curriculum, specialization options, or concentrations for the programs that you are considering so you could find the one that aligns with your goals.
Capstone Project, Thesis, or Internship
Economic development graduate programs generally include a capstone project, thesis, or internship as part of the degree requirements. These projects offer students the opportunity to highlight their knowledge of economic development theory and practice by applying it to a real-world issue or research question.
If you’d prefer to gain experience in economic development as part of an internship, then be sure to review the capstone requirements for your schools of interest to determine which programs offer a practicum component.
Career Paths in Economic Development
If you want to help ensure that people have access to safe and affordable housing, quality healthcare and schooling, and ample job opportunities then pursuing a role as an economic development professional could be a good fit.
After you graduate from an economic development master’s degree program, you may pursue a variety of career paths in government or public, private, and non-profit sectors.
Government Agencies
Government agencies may employ economic development professionals to design, evaluate, and implement policies and programs to drive economic growth at the local, state, and federal levels.
Additional job opportunities may be available with national and international government organizations (IGOs) such as the United States Agency for International Development (USAID), the U.S. Foreign Service, the World Bank, the United Nations Development Programme, and UNICEF—which focus on supporting economic growth and development abroad.
Professionals may work on initiatives such as strategic planning, performing cost-benefit analyses, trade promotion, and workforce, entrepreneurship, or small business development.
Job titles in government may include economic development specialist, urban and regional planner, policy analyst, economist, or development director.
The Private Sector
There could be a variety of career opportunities in the private sector for economic developers.
Corporations, financial and insurance companies, consulting firms, and economic development organizations (EDOs) may hire professionals to conduct market research and strategy, develop business retention plans, and analyze business cycles, employment rates, or inflation trends.
Different roles in the private sector may include management or market research analyst, business development manager, project manager, portfolio manager, or economic development consultant.
Non-Profit Organizations
If you have a passion for helping people, communities, and small businesses, you may want to explore economic development roles with non-profit organizations such as Habitat for Humanity, United Way, or CARE International among many others.
These organizations work on initiatives such as providing safe and affordable housing, strengthening education, economic mobility, and access to healthy environments, or working on poverty and social injustice-focused development projects.
Career options in the non-profit space may include program director, development director, project coordinator, or social and community service manager.
Median annual salaries for selected careers, 2023
- Urban and Regional Planner: $85,9401
- Economist: $85,9402
- Market Research Analyst: $132,6503
- Social and Community Service Manager: $83,1904
- Management Analyst: $83,4005
Top paying metropolitan areas for Economists, 2023:2
| Metropolitan area | Hourly mean wage | Annual mean wage |
|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $80.38 | $167,190 |
| San Jose-Sunnyvale-Santa Clara, CA | $75.84 | $157,750 |
| Grants Pass, OR | $68.44 | $142,350 |
| San Francisco-Oakland-Hayward, CA | $68.36 | $142,200 |
| Daphne-Fairhope-Foley, AL | $67.20 | $139,770 |
| Boston-Cambridge-Nashua, MA-NH | $65.25 | $135,730 |
| Wilmington, NC | $63.86 | $132,840 |
| New York-Newark-Jersey City, NY-NJ-PA | $63.45 | $131,980 |
| Dallas-Fort Worth-Arlington, TX | $61.97 | $128,900 |
| Seattle-Tacoma-Bellevue, WA | $61.01 | $126,890 |
Three Tips for Choosing a Master’s in Economic Development Program
Choosing an economic development master’s program might feel daunting. That’s why we’ve compiled three areas of focus to consider when researching your options.
1. Accreditation and Program Reputation
Accreditation is vital because it helps to ensure that programs or institutions are held to a specific set of standards for quality. If you want to confirm whether your graduate schools or programs of interest are accredited, you could perform a search through CHEA or the U.S. Department of Education. In addition, schools often provide this information on their website.
Another factor to consider is reputation. There are a number of websites that provide rankings for economic development master’s programs. In addition, consider reaching out to alumni to get their perspectives on the program and how well it helped them reach their goals.
2. Faculty Expertise and Research Interests
Another important area to explore is the expertise and research interests of your prospective instructors. You might do so by visiting faculty websites, reviewing published articles or books, or reaching out directly to professors via email or phone.
Key questions to ask include:
- Is the faculty well-known and respected in the field?
- Do the economics departments have national or international credibility?
- Do the research specialties of professors align with your interests and career goals?
- Do instructors have practical experience in economic development?
3. Location and Cost Considerations
Enhancing your education could be a major investment.
In addition to the flexibility, affordability, and convenience of online learning, another benefit is that it means location is not a factor.
However, if you’re also considering traditional or hybrid programs, we recommend that you:
- Research the cost of living (food, housing, transportation) in the locations that you’re interested in
- Look into the employment market if you’re planning on working as you earn your degree
- Determine whether hybrid or online programs have any residency requirements before committing
- Investigate your options for federal financial aid (including grants and loans), as well as scholarships or fellowships
- Ensure that you understand the total tuition costs for all your prospective grad schools so you could determine if they work with your budget
Popular Schools with Economic Development Masters Programs in Utah
GradSchools.com offers 1 Graduate Schools with Economic Development Graduate Master’s Programs
Sources: 1https://www.bls.gov/oes/current/oes193051.htm | 2https://www.bls.gov/oes/current/oes193011.htm | 3https://www.bls.gov/oes/current/oes131161.htm | 4https://www.bls.gov/oes/current/oes119151.htm| 5https://www.bls.gov/oes/current/oes131111.htm |
Based on national data, not school-specific information. Conditions in your area may vary. Accessed 6/29/2023.
This is an offer for educational opportunities that may lead to employment and not an offer for nor a guarantee of employment. Students should consult with a representative from the school they select to learn more about career opportunities in that field. Program outcomes vary according to each institution’s specific program curriculum.
Utah State University