THE SCOPE AND SCALE OF ECONOMIC DEVELOPMENT This survey of economic development professionals has found that economic development activities undertaken vary with geography . Canvassing respondents whose organisations could be traced to a clearly defined rural or remote area ( n = 7 ), regional town / region ( n = 35 ), regional city ( n = 27 ), and / or capital city ( n = 39 ), it was possible to explore how an economic development professional ’ s location may impact on the kind of work they undertook . For example , respondents from rural or remote areas were considerably more likely to be undertaking responsibilities relating to the visitor economy ( 19 % of total responsibilities performed ), while those in regional towns and surrounding areas were more likely to be involved in the development , implementation or monitoring of economic development policies and strategies ( 17 % of total responsibilities performed ). Survey respondents in capital city and regional city contexts , meanwhile , were more likely than those elsewhere to be performing roles relating to engaging and liaising with stakeholders ( 10 % and 8 % of all responsibilities performed respectively ), especially for investment attraction and advocacy .
These findings indicate that the particular factors impacting rural and regional areas , such as industrial or agricultural decline , economic restructuring , and remoteness , are assisted by economic development activities that focus on activities that will attract people and economic activity to their communities , as well as plan for and coordinate strategies likely to lead to improved economic outcomes in the future . On the other hand , economic development professionals working in larger cities , characterised by greater
economic diversity and resilience , have less of a need to perform this talent attraction role and can instead play a stronger networking and concierge role that helps to bring various existing resources and stakeholders together to maximise impact .
In a reflection of the scale at which economic development activities take place , 86 % of our survey respondents reported that they work either exclusively or partly at the local scale . Seventytwo percent of this sample percent worked in the local government sector . Research from overseas highlights that one new trend in place-based economic development is community wealth building . Defined as a ‘ local economic and community development approach that aims to create more prosperous , equitable , sustainable , and resilient local economies and communities ’, community wealth building is informed by five key principles :
These findings indicate that the particular factors impacting rural and regional areas , such as industrial or agricultural decline , economic restructuring , and remoteness , are assisted by economic development activities that focus on activities that will attract people and economic activity to their communities .
1 . Fair employment and just labour markets – recruiting from low-income areas , paying living wages and creating progression routes .
2 . Plural ownership of the economy – growing small enterprises , community organisations and cooperatives help to lock wealth into place .
3 . Making financial power work for locals – harnessing and recirculating existing wealth rather than attracting capital .
4 . Progressive procurement of goods and services – developing dense local supply chains will likely support local employment and wealth retention .
5 . Socially just use of land and property – deepening the function and ownership of key local assets so financial and social gain can be harnessed by locals .
Together , these key principles lay the foundations for an approach to local economic development that seeks to change the way local economies function by placing ownership , control and intended benefits into the hands of local people .
The changing nature of economic development also indicates the opportunity for an expanded range of players to be actively involved , across the sector , organisational and individual levels . While both our contextual analysis and the survey findings indicate that local government is a significant player in the delivery of economic development in Australia , others ( including federal government , state and territory governments , public and private development organisations , and critically , the community itself ) also have various and critical roles to play .
These roles can be broadly categorised as :
• Funding provision : Includes direct , grants or staff employment .
• Policy setting : Includes policies to support economic development .
• Program / activity planning and delivery : Includes large scale land use planning , urban renewal , industry transformation / diversification , infrastructure delivery and smaller scale local land use planning and community programs .
• Stakeholder engagement and partnerships : Includes activities across and within sectors to identify need , planning and delivery and to business support .
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