Introduction - Why is Being Informed and Basing Your Plans and Decisions on Evidence so Important?

Introduction

Effective local and regional economic development hinges on informed decision-making. This briefing outlines the critical role of evidence, intelligence, futures, and foresighting in shaping robust economic strategies. It emphasises the necessity of asking pertinent questions, leveraging diverse data sources, and understanding the dynamic nature of economies to drive investment and address challenges.

The Foundation: Evidence and Intelligence

Being informed about an economy is paramount. This involves posing the right questions—such as identifying local skills and assets, assessing regional economic performance against national averages, and understanding job growth or decline in specific industries. Most countries, states, and regions possess excellent sources of statistical data and information, complemented by global economic forecasting firms and specialist consultants. There is, therefore, no justification for neglecting evidence in comprehending local and regional economies.

Why Evidence Matters: Dynamic Economies and Prioritisation

Economies are inherently dynamic. A five-year economic strategy, however well-researched, can quickly become outdated. Continuous evidence and analysis ensure strategies remain relevant. Furthermore, evidence illuminates the scale and importance of problems, challenges, or opportunities, enabling the prioritisation and allocation of limited resources. Crucially, presenting robust analysis and figures is essential for attracting inward investment, as investors require comprehensive data on local companies, workforce, skills, and regional strategies.