How come? well, by saying that – the person probably is doing so from the point of defensive ignorance. How do they know they don’t need Local Economic Development?
And how do they know that things will never change? Hint: they do.
Local Economic Development (LED) is fundamentally a collaborative process involving local government, community groups, and the private sector. Its core purpose is to create jobs, generate wealth, and enhance the quality of life within a specific geographical area.
It’s distinctly a “bottom-up” approach, acknowledging that national or regional strategies alone are insufficient.
All Localities have unique assets, challenges, and opportunities that demand tailored solutions to unlock their full potential. 𝗔𝗹𝗹 𝗹𝗼𝗰𝗮𝗹𝗶𝘁𝗶𝗲𝘀 𝗵𝗮𝘃𝗲 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀, 𝗻𝗲𝗲𝗱𝘀 𝗮𝗻𝗱 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹.
𝙅𝙪𝙨𝙩 𝙖𝙨𝙠 𝙬𝙝𝙖𝙩 𝙮𝙤𝙪𝙧 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧 𝙡𝙤𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙖𝙧𝙚 𝙪𝙥 𝙩𝙤?
If one of these locations is landing big investments and jobs, or is addressing unemployment and aspiration problems amongst residents – I can bet that they just didn’t “let the market sort it out on its own.”
𝙇𝙀𝘿 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙨 𝘾𝙤𝙣𝙨𝙩𝙖𝙣𝙩 𝙅𝙪𝙨𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙖𝙣𝙙 𝘼𝙙𝙖𝙥𝙩𝙖𝙩𝙞𝙤𝙣
Of course, we should never get complacent about making the case for local economic development and adjusting this when the economy changes.
A crucial principle for LED professionals is the continuous need to justify and make the case for local economic development activities, expenditure, and teams. Skepticism from new leaders or those unfamiliar with economic affairs is a common occurrence.
The economy is dynamic and ever-changing. Therefore, LED strategies, priorities, and actions must be dynamic and adaptable to new opportunities and challenges. What works today might need adjustment tomorrow – or you might need an entirely new approach.
𝙇𝙤𝙘𝙖𝙡 𝙀𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝘿𝙚𝙫𝙚𝙡𝙤𝙥𝙢𝙚𝙣𝙩 𝙞𝙨 𝙖 𝙥𝙧𝙤𝙫𝙚𝙣, 𝙚𝙨𝙨𝙚𝙣𝙩𝙞𝙖𝙡, 𝙖𝙣𝙙 𝙝𝙞𝙜𝙝𝙡𝙮 𝙘𝙤𝙡𝙡𝙖𝙗𝙤𝙧𝙖𝙩𝙞𝙫𝙚 𝙗𝙤𝙩𝙩𝙤𝙢-𝙪𝙥 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙩𝙤 𝙚𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝙖𝙣𝙙 𝙨𝙤𝙘𝙞𝙖𝙡 𝙬𝙚𝙡𝙡-𝙗𝙚𝙞𝙣𝙜
While it demands continuous justification and adaptation due to the dynamic nature of economies, its efficacy is underscored by strong evidence of positive returns on investment, particularly when programmes of delivery are evidence-based, well-communicated, and tailored to specific local contexts.
