Community Economic Development can be described or defined in many different ways. The most clear-cut definition of community economic development is:
Development of the community, by the community, for the community.
The word community comes from the Latin root communitas, which means fellowship. When we look at the word community, we see the two words common and unity.
It is important to remember community economic development is planned; it does not just happen on its own. It involves a participatory process whereby a group of people with a common cause get together and identify a common vision(s). These people set development goals and objectives and then put in place a plan to help them achieve their social, economic and other ends.