Preparing Youth for leadership/Economic Development
A STRATEGIC APPROACH - The Five Families of Economic Development!
- A STRATEGIC APPROACH - The Five Families of Economic Development! A community – whether local or regional should take a strategic approach to economic development in order to become or remain competitive. Economic Development: a group of policies or activity that seeks to improve the economic well being and quality of life for a community.
- In order to create an effective program that works for the local economy, the community must understand the 5 Families of Economic Development. Each level consists of various strategies that can be implemented based on their geography, economy, and politics.
- Smart Growth Economic Development (3) core concepts
- The Future Ready Framework: Within this sector, the Bureau of Labor Statistics (BLS) employment projections for 2016-26 suggest that today’s biggest sectors, in employment terms, will remain important. The table within Real World EDA's class, outlines the big projected growth areas in absolute terms – i.e. growth of at least a million jobs.
(1) Organizational Development
- Creating and maintaining a recognized and legitimate forum for exchanging ideas and addressing the need of the community. This will allow you to set a strategy, raise funds, and work with partners in a more efficient manner.
- The finest way to serve your community is to know it inside and out: the people and their livelihoods; the schools; the businesses; the churches and civic organizations; its history and landmarks; and especially its current economic situation. Economics is often the lifeblood of a community and those who care about the area - who have a heartfelt desire to see it thrive and grow - will be its most ardent supporters.
(2) Product Development
- Investments that are maintained, upgraded or developed by labor and capital to improve the community. They include infrastructure, downtown areas, gateways, business parks or speculative buildings.
- Small communities need to understand and monitor the status of all their infrastructure facilities and ensure timely capacity upgrades to meet future commercials and industrial capacity needs.
- Infrastructure improvements require long lead and cycle times.
- Availability of state-of-the art communication networks is attractive to prospective commercial and industrial businesses.
(3) Market Development
- Individuals with higher incomes are relocating to areas of the country that provide a comfortable and safe environment.
- People will move to a location because of available amenities, not promised amenities.
- Size does matter. Communities need to achieve a critical mass in order to support retail and industrial development.
- An increase in new residents adds quality to the local tax base.
- Competing for business locations is high risk, while competing for new local citizens is low risk.
- New residents have fresh ideas and may become volunteers who want to be part of the community.
(4) Business Development
- Programs that nurture businesses growth and investment. These are often the core of most economic development programs, however, please make note, it is only a fraction of economic development. You must concentrate on business attraction, retention and expansion, tourism and business start-up and emerging business.
- BRE is a relationship building effort that strengthens the linkages between the public and private sector in your community.
- BRE activities are the cornerstone of your economic development effort.
(5) Workplace Development
- Policies that build the skills of its local workforce. This includes partnerships between businesses, education, and government, so that all residents can be contributing members of the local community.
- Workforce Development requires the coordinated efforts of many different organizations.
- Current and future economic development trends indicate that workforce development will receive increasing focus. - A Maury Foreman production
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