The Economic Development Department of the City of Savage is responsible for attracting new businesses to the community, retaining existing businesses, assisting businesses with expansion, and enabling the rehabilitation and/or redevelopment of areas within the community. The department relies on support and input from the City's Economic Development Commission (EDC). This commission plays a critical role in advising the Economic Development Authority on all matters relating to the economic development of the community. The Economic Development Authority (EDA) is the official decision-making body when it comes to economic development. The EDA is made up of members of the City Council.

The Economic Development Commission meets monthly on the third Wednesday. All meetings are held in the City Hall Conference Room. The Economic Development Authority meets as necessary following regular City Council meetings.