Economic Development Fundamentals

Cara A. Finn, BBA, M.Ad.Ed.

Director of Economic Development

November 27, 2019 Page 1 of 36

What is Community Economic

Development (CED)?

It’s a process.

A community uses resources

to attract capital and

increase physical,

commercial, and business

development

and job opportunities

for its residents.

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Why Engage in Economic Development?

“Rural communities are engaging in community economic

development in order to improve the lives of their families,

friends and neighbours”

Dr. Wayne Caldwell’s

“Guide to Rural Community

Economic Development”

2010, University of Guelph

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The Goal of Economic Development

Improving the economic well being of a

community through:

• Job Creation

• Job Retention

• Tax Base Growth

• Quality of Life

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What is the Local Economic Situation?

Community

Wealth

Money Coming Into Community

Money Leaving Community

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Two Ways to Grow the Local Economy

and Increase Local Wealth1. Bring in New Money

• Attract/Start New Businesses

• Expand Existing Businesses

• Encourage visitors to spend money in your

community

• Attract people to live in your community

2. Plug the Leaks

• Retain Existing Businesses & Residents

• Encourage residents to spend locally

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The Spectrum of

Economic Development Activities

Business

Development

Community

Revitalization

Workforce

Development

Investment

Attraction

Marketing &

Communications

Planning & Infrastructure

Development

Research & Info.

Management

Focused Sector

Development

Other

Activities

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Business Development

• Business Retention & Expansion Program

(BR+E)

• Business Counselling

• Business Incubators

• Mentorship Programs

• Professional Development Workshops

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Business Development (cont.)

• Access to Capital

• Buy Local Initiatives (including local food)

• Export and Trade Development Services

• Business Networking

• Business Recognition

• Business Resources

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Community Revitalization

• Community Improvement Plans (CIP)

• Downtown Revitalization:

• Physical Improvements

• Promotions & Events

• Business Recruitment

• Environmental & Greening Activities

• First Impressions Community Exchange (FICE)

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Workforce Development

• Workforce or Labour Force

Development Strategies

• Training, Education and

Apprenticeships

• Youth Engagement

and Retention

• Newcomer Attraction

and Retention

• Job Fairs

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The Importance of Workforce

Development: Employment Multipliers

• Jobs created in an industry within the region

Direct

• Jobs resulting from employer spending (local suppliers)

Indirect

• Jobs resulting from worker spending

Induced

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Investment Attraction

• Lead Generation Activities:

• Cold Calls

• Trade/ Industry Shows

• Communicating with Business Development Staff

• Responding to Site Selector Inquiries

• Hosting Familiarization Tours (“Fam Tours”)

• Site Certification

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Marketing & Communications

• Community Image or Brand Development

& Management

• Marketing Material Development

• Website & Social Media

• Media Relations

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Planning & Infrastructure Development

• Land Use Planning:

Industrial / Commercial

• Brownfield Redevelopment

• Business / Industrial Park

Development

• Infrastructure Development

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Planning & Infrastructure Development

(cont’d)

• Residential Development

• Open for Business Approach (cutting “red tape”)

• Municipal Cultural

Planning

• Economic Development

Strategy – development

and implementation

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Research and Information Management

• Business & Producer Directory

• Land & Property Inventory

• Newcomers & Youth

Community Indicators

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Focused Sector Development

• Tourism

• Agriculture

• Manufacturing

• Small Business

• Other Sector Development

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Other Activities

• Fundraising (i.e. accessing grants)

• Issues Management and Advocacy

• Participating in Regional Economic

Development Activities

• Economic Development Training (i.e. EDCO,

EDAC, IEDC)

• Organizational Development – including

leadership development

• Connections with key stakeholders

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Middlesex County Economic

Development

To promote the County as a whole as a place to live, and

locate/expand a business.

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Economic and Sector Analysis and

Strategic Planning

• County economic

development

strategy

• Agriculture

economic impact

study

• Agricultural strategy

• Tourism signage

strategy

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Business Directory

• County wide directory

• Searchable by municipality

and sector

• Free for businesses to join

and edit

• Municipalities can link for free

or pay a fee to be integrated

into the database

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Site Selection Assistance

• Available property

listings (mls and private)

• Business park

promotion including

certified site support

• Workforce and incentive

program information

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Workforce Development

• Job Fairs

• Youth Forums

• Experiential Learning

• Workforce Attraction

• Employer Roundtables

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www.workinmiddlesex.ca

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Investment Attraction

• Tradeshows

• Familiarization Tours

• Direct Digital Attraction

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Demographic Information

• Population Projections

• Income

• Education Levels

• Labour Force Statistics

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Marketing and Promotion

• Print Ads

• Social Media

• Websites

• Public Relations

• Photography

• Videos

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Business Engagement

• Business Appreciation

Events

• Discussion Forums

• Welcome Program

• Site Visits

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Tourism Services

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• www.visitmiddlesex.ca

• Tourism Signage

• Grassroutes Maps

• Trail Guides

• Bloggers

• Advertising

• Tourism Symposiums

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Partnership Development

• Business Services

• Community Services

• Employment Services

• Health Care

• Postsecondary Institutions

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Regional Economic Development

Collaboration

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The Community Leader’s Guide to

Champion Economic Development

From the International Economic Development Council:

Eight steps that a staff or political leader can

follow to help local economic development efforts:

1. Develop a deep understanding of the local business

climate and community

2. Emphasize economic development in your strategic

plan

3. Build political support for local and regional economic

development efforts

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The Community Leader’s Guide to

Champion Economic Development

4. Promote local education and workforce

development

5. Ensure the community has quality

infrastructure in place

6. Foster regional cooperation

7. Support entrepreneurship

8. Be business-friendly

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Keys to Success

1. Consider the full range of tools

2. Select activities that are appropriate for your

community

3. Set strategic goals and priorities

4. Develop realistic, community-based action plans

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Keys to Success

5. Allocate resources for the activities

6. Monitor progress

7. Adjust as necessary

8. Ask for help

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Questions?... We are here to help!

Cara Finn, BBA, M.Ad.Ed., CMSM

Director of Economic Development

cfinn@middlesex.ca

519-434-7321

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