What is an Economic Development Plan?Do you think Strategic economic development plans are integral to achieving measurable, sustainable economic growth and quality of place?

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What is an Economic Development Plan?Do you think Strategic economic development plans are integral to achieving measurable, sustainable economic growth and quality of place?


When planning for economic development, the goal is to create and maintain a strong, vibrant local economy. Local government economic development planning is part of a region's overall economic development strategy and involves intergovernmental coordination. The economic development plan provides a comprehensive overview of the economy, sets policy direction for economic growth, and identifies strategies, programs, and projects to improve the economy.

Economic planning has two major economic effects:

1. It reduces uncertainty by making forecasts about economic conditions and by providing market information (market conditions, prospects, expected behaviour of economic agents, etc.). These forecasts are more or less detailed and are made public. This aspect of planning we call the information effect.

2. It modifies the content of economic decisions both in private and public sectors either because new goals of economic policy are formulated and accepted, or because government intervention acquires a new dimension. The result is a change in the economic structure of the country.


Economic development plans are carefully and strategically built frameworks. Long-term in scope, they provide a pathway that communities can follow to overcome diverse, often challenging situations. They can help you account for the following if created the right way:

  • Rapid population growth or decline
  • Booming economy or stagnation
  • Job creation or retention issues
  • Economic stability in an unpredictable federal and/or global market
  • Public and private partnerships and investment
  • Human resource development, education and training
  • Land use and sustainable housing growth
  • Commercial and industry stock
  • Social, recreational, arts and cultural development
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