Washington, D.C., [Aug 26, 2024] – The International Economic Development Council (IEDC), a non-profit, non-partisan membership organization serving economic developers, has published its latest Economic Development Research Partners (EDRP) report titled Strategic Planning in Economic Development: Navigating Change and Fostering Growth.
"Strategic planning is more crucial than ever for Economic Development Organizations (EDOs) as they navigate an increasingly complex economic development environment," said Nathan Ohle, IEDC President and CEO. "Our latest report, crafted with insights from leading economic development professionals, provides a roadmap for EDOs to enhance their impact, adapt to new challenges, and foster sustainable growth in their communities."
Key Insights from the Report:
Adapting to an Evolving Landscape
The report highlights how the economic development field has undergone significant transformation due to technological advancements, the rise of the knowledge economy, and increased emphasis on sustainability and equity. EDOs must now adopt more agile, collaborative, and strategic approaches to meet these new demands and effectively support their communities.
Balancing Expansion and Focus
As EDOs broaden their scope to address a wider range of community needs, the report underscores the importance of avoiding "mission creep." Jared Smith, CEcD, Director of Economic Development and Tourism for the City of Henderson (Nev.), cautions. The report advocates for EDOs to carefully evaluate their resources and capabilities when expanding focus areas.
Leveraging Data and Collaboration
The report emphasizes the critical role of data and analytics in informing strategic decisions and highlights the need for robust data analysis capabilities. Furthermore, it calls for a collaborative approach to strategic planning, involving a diverse array of stakeholders to ensure that EDOs' initiatives resonate with and address the most pressing needs of their communities.
Fostering Innovation and Adaptability
In a rapidly changing economic landscape, the report stresses the importance of fostering a culture of innovation and adaptability within EDOs. By encouraging experimentation, continuous learning, and embracing new technologies, EDOs can remain at the forefront of economic development practices.
"EDOs must integrate strategic planning at the core of their operations to navigate the complexities of today's economic environment effectively," said Jeanine Jerkovic, CEcD, EDRP Chair and Economic Development Director for the City of Surprise, Arizona. "By prioritizing innovation, collaboration, and data-driven decision-making, EDOs can enhance their impact and drive sustainable growth in their communities."
The EDRP program, a premier membership tier within IEDC, is dedicated to supporting practice-oriented research. This report marks another significant contribution by EDRP, reinforcing its commitment to excellence in economic development research and practice.
About the International Economic Development Council (IEDC)
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 4,300 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities by creating, retaining, and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban, and local to international, IEDC’s members engage in the full range of economic development practices. Given the breadth of economic development work, our members are employed in various settings, including local, state, provincial, and federal governments, public-private partnerships, chambers of commerce, universities, and a variety of other institutions. When we succeed, our members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. Learn more at: www.iedconline.org.
About Economic Development Research Partners (EDRP)
The International Economic Development Council’s Economic Development Research Partners program generates original, cutting-edge research designed specifically to serve practicing economic developers and to advance the economic development profession as a whole. Part think tank, part network, EDRP is an exclusive membership level of IEDC. Membership in EDRP gives economic development leaders the chance to shape the research agenda for IEDC - the world’s premier association in the field - and explore impactful topics in partnership with their peers. The publications developed under the guidance and sponsorship of EDRP members increase the knowledge base of the economic development profession and help practitioners successfully navigate today's rapidly changing economy. Learn more at: www.iedconline.org/edrp-reports