Local and Regional Economic Development (LRED) is a multifaceted field dedicated to enhancing economic prosperity and quality of life in specific geographic areas. This briefing outlines the core functions and activities of LRED, highlighting its significance and the key areas professionals engage with daily. Understanding these interconnected functions is crucial for effectively addressing local economic challenges and opportunities.
The Main Themes, Functions and Activities in Local and Regional Economic Development; and the Institutions and Organisations that develop and deliver them.
Exploring the key megatrends influencing local and regional economies, and driving many of the challenges we deal with as economic developers:
Regions and localities must consider their unique positions relative to megatrends:
Ageing Population: Some localities face more acute trends than others. Ageing and workforce decline is especially challenging in remote rural areas with smaller labour pools.
Traditional Industries: Localities with unmodernised traditional industries behind in automation and digitalisation face future challenges, as failure to adopt technologies may put industries and jobs at risk.
Digital Infrastructure: Communities with limited digital infrastructure and connectivity are disadvantaged by rapid digitalisation and technology adoption elsewhere. Remote areas could benefit from online education and training if they had infrastructure to access it.