What is an Economic Development Plan?
An economic development plan is a carefully built framework that’s long-term in scope. It’s used to help communities across diverse situations.
These situations could include:
- a boom economy and a rapidly growing population,
- job creation and retention challenges,
- remaining economically competitive and sustainable in a volatile and dynamic global market,
- shifting from an over-dependence on resource industries, and;
- addressing a stagnating economy and declining population.
This plan is often led by an economic development professional (such as an Economic Development Officer) and it’s typically reviewed on a yearly basis. Every 3-5 years the plan is usually completely updated, to better align with the needs and circumstance of the community.
An economic development plan is usually based on a determined model, and made up of five components: Vision, Mission, Goals, Strategies, and Actions.
Check out Where To Start to learn about what to ask your community as you begin this process together.