EDRPís Regional Strategies Report Highlights a Top Trend in Economic Development
The Economic Development Research Partners (EDRP), the in-house think tank of IEDC, published a report presenting research that shows that a regional approach to economic development can foster economic growth.
“Organizing for Success: Regional Economic Development” is a collection of research sourced through interviews between IEDC and representatives from regional economic development organizations across the U.S. This comprehensive report seeks to inform economic developers of the rising interest in forming regional partnerships, the benefits and challenges to achieving them and the best practices exemplified by organizations cited as case studies.
Among the advantages to regional organization: a pooling of market resources, more collective advocacy and more comprehensive economic development services. However, the paper outlines challenges to achieving these aims, including demonstrating value, determining regional best interest and a perceived loss of control and funding. Overall, the research shows that the combination of resources, provided strong regional relationships, increase economic opportunity for the region.
Case studies mentioned in the paper include regional organizations in both rural and urban areas, such as the Northeast Indiana Regional Partnership and the St. Louis Economic Development Partnership.
The report is available for download on the IEDC website. IEDC members may download for free, and non-members may purchase a copy in the IEDC bookstore for $75.
EDRP’s next paper, centered on placemaking and economic development, will be released at the 2017 Economic Future Forum on June 5.