Economic Development Strategic Plans
Planning is a critical tool to help prepare communities to participate in economic development. Conducting a planning process that focuses on how a municipality can strategically develop can generate pathways to creating a community vision, framing development priorities, and coordinating resources. Having a plan equips communities to take advantage of opportunities, establish meaningful partnerships, and develop in a way that utilizes their assets and strengths. See the presentation below for more information regarding how communities can plan for economic development.
The Economic Development Strategic Plan (EDSP) program was designed to assist member governments with developing long-term strategies that capitalize on local economic strengths and identify market challenges. The EDSP planning process includes data analysis and stakeholder input, and this information is used to determine potential opportunities and obstacles for local economic and community development. In addition, the planning process works with communities to:
Identify development strengths and assets.
Analyze historic industry and workforce trends and market indicators.
Equip communities with a deeper understanding of their community's market potential to strategize and prioritize development projects.
Initiate and support placemaking efforts.
EDSPs can be curated based on community needs, but the planning process is typically conducted in three phases:
Phase I - Needs Assessment: This section identifies the current characteristics of a community’s local economy and workforce by detailing its historic and current market conditions and conducting a SWOT assessment to evaluate how residents and stakeholders view their community’s economic potential.
Phase II - Strategy Framework Development: This section describes the development opportunities within the community based on the Needs Assessment and community input. Specific evaluation areas are determined by the local community.
Phase III - Action Plan: As the final section of the EDSP, the Action Plan offers economic goals and strategies for future implementation, and its contents will be created to correspond with the goals described in the RPCGB’s Comprehensive Economic Development Strategy (CEDS), as well as the targets of the community as a collective.
For more information about EDSPs or preparing for economic development, contact Allie Haynes, Economic Development Specialist, at ahaynes@rpcgb.org.
Completed Economic Development Strategic Plans
