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.