On Our Way to Endless Opportunity On Our Way to Endless Opportunity | Page 8

Principles of Economic Development
In its simplest form, economic development is the process a community undertakes to build
relationships, streamline rules and regulations affecting businesses, promote the community as a
destination, and provide the infrastructure companies need to succeed.
Economic development activities are undertaken by a community or region with the goal
of improving the economy and bettering the quality of life for its residents. According to the
Economic Development Association of Canada (EDAC), “Economic Development is a process
that influences the growth and well-being of a community through such means as job creation,
job retention, improved tax base and a reasonable life quality.”
Economic development isn’t achieved through a prescribed set of programs or policies that
can be followed like a textbook. As described within The Essentials of Economic Development
– Practices, Principles and Planning Version 2.0 published by EDAC, “Basically, there is no
single policy, program, strategy or template for achieving economic success in a community or
region because each has different strengths and weaknesses and will therefore have various
challenges.”
That is why it is important to focus on local economic development initiatives rather than follow
guidelines or programs developed outside of the region or at the provincial or national level.
To be most successful, economic development activities must be rooted in the communities
they represent and supported by the residents they serve. In Planning Local Economic
Development: Theory and Practice, Edward Blakely and Terry Bradshaw define this work as,
“Local economic development refers to the process in which local governments or community-
based (neighbourhood) organizations engage to stimulate or maintain business activity and/or
employment. The principal goal of local economic development is to stimulate local employment
opportunities in sectors that improve the community using existing human, natural and institutional
resources.”
This is why so much extra effort has
been put into community consultation
in the development of this Economic
Development Roadmap. It must
genuinely reflect the needs and
wants of the community it serves,
and be built to take advantage of
existing resources, to be successful.
8 | On Our Way to Endless Opportunity: An Economic Roadmap