Professional Documents
Culture Documents
Econ Devt Reviewer
Econ Devt Reviewer
Structural shifts- can perceived as Changing ethic mix, can bring new opportunities
geographical (ex. Regional or and challenges to the economic development Transportation, Utilities, Taxes, Land/Building,
localeconomy in which economic activity professional Availability & Environmental Regulations
was largely associated with one particular Traditional requirement and cost of doing business
sector may decline if new sector Quality of Life
in a local Economy
originates in another Important consideration because they influence the
ability to retain and attract firms and employees. Transportation- indicate how connected the local
The Economic Profile economy to another economic centres
Firms in more advance sectors and workers in
How much more information should be included advanced occupations gave higher quality-of-life- Taxes- range of taxes to which businesses and
will depend on the part of the specific needs of the expectations employees can be subject
community as well as on the availability of
information for the size of the community under Income and Wages Availability of land and buildings- expanding
Consideration. Subcategory key to understand what standard of business in a critical factor in a local economic
living is in the local economy. One of the objective development
The smaller the community or the less its
geographic boundaries coincide with administrative of three objective of local economic development
planning is improving the standard of living. Environmental regulations- environmental permits
or political boundaries, the more difficult it becomes that businesses may have to secure depending on
to obtain detailed economic information from Labor Force Characteristic their production processes.
secondary sources.
A key activity in local economic development Building on Comparisons
The Economic Profile planning is job creation. Earnings from employment
is the primary source of income. Data for economic development analysis build on
Demographics comparisons that look at a community in relation to
- tell whether it is large or small, growing Business Establishment by Industry Sectors and someplace else that is a valid referent. Typically,
or declining and homogeneous or diverse. Employment Size planners compare the strengths and weaknesses of
their zone of action (local, country or multicountry)
Age profile (usually analyzed in 5-year segments, Focuses on the characteristic of the business with a much larger area (a state, multistate, region
three broad segment of less than working age; 16- establishments found in the local economy. or nation), depending on the size of the units.
64 years old or working age & 65 or retirement age). Business establishment provides clues as to its role
in the overall economy Example: …
Educational Attainment, workforce can provide an As a result of comparison, planners may find that
indication of how advanced the economic International Linkage the local area gas a higher portion of electronic
development strategy can be. Due to economic globalization, local economic companies or that its hospital and medical firms,
development planner should be familiar with and while seemingly highly represented, in fact are
Population Estimates, include the number of people actually below the number expected in ration to
in the area between census periods. Births, deaths, may want to encourage international linkages and
area like the state region.
Shift-Share Analysis
Markets Comprehensive Land-use Plan Development- 5. Land trust and similar community ownership
Place where there is demand for certain products or widely utilized local planning practice primarily instruments- create vehicles for local control and
services. intended to reserve underdeveloped land for a ownership of economic activity in the community.
future "highest and best use".
Management COMMON TRAPS IN STRATEGY FORMULATION
Is a special type of human capital. They serves as THE COMMUNITY-BASED EMPLOYMENT
the catalyst of effective good management DEVELOPMENT STRATEGY OPTION (THE 1. Leading with grants without a strategic
NEIGHBORHOOD DIMENSION) program and clear goals.
Money
Is the financing directly involved in establishing and This option is designed to promote economic 2. Letting the tool(s) determine the
operating a proposed project. development at the neighborhood or small strategy.
community level and create employment
opportunities for persons who are long-term 3. Starting at the wrong end of the
unemployed, new entrants to the labor force, or problem.
4. Following the fad. associated with services and business activity that • Transportation and major infrastructure
primarily serve the local area.
5. Overlooking development capacity. • Landscaping and streetscaping
– Coercion is not a good option The term was first coined by the American
demographer Frank W. Notestein in the