Key Characteristics and Principles of Local and Regional Economic Development
Key Characteristics of Local and Regional Economic Development:
Geographically Specific: Strategies are tailored to particular towns, cities, districts, or neighbourhoods.
Collaborative and Participatory: Involves diverse stakeholders including local authorities, businesses, education, and community groups.
Goal-Oriented: Aims to create jobs, increase local income, diversify economies, improve productivity, enhance quality of life, and address specific challenges.
Asset-Based: Identifies and leverages human capital, infrastructure, financial resources, natural assets, cultural heritage, and institutional strengths.
Strategic and Action-Oriented: Involves data analysis, planning, implementation, and continuous monitoring.
Key Principles:
Major Reasons Drive Local Involvement: Historical events like de-industrialisation and economic shocks have necessitated intervention in many localities.
Continuous Justification Required: Professionals must repeatedly justify activities and expenditures to new leaders and stakeholders.
Dynamic Economy Requires Adaptation: Economies are constantly evolving, requiring new responses and the ability to pivot priorities.
Robust Evidence is Foundation: Evidence-based strategies and action plans are crucial for overcoming scepticism and building support.
Communication and Visibility are Critical: Communities need to understand plans, actions, and rationales, with delivery and results providing the best communication.