The City of Rice has an Economic Development Corporation Board dedicated to business and community development.

Economic development corporations generally are established to assist existing and new businesses located in a particular geographic area through a variety of activities including grants, loans, provision of information and expertise, creation of industrial parks, and more.

The Rice EDC receives annual revenue as a result of the Type B city sales tax. Type B sales tax is intended to give communities an opportunity to undertake a project for quality of life improvements, including economic development that will attract and retain primary employers. Cities may use money raised by this sales tax for a wide variety of projects including land, buildings, equipment, facilities expenditures and improvements.