I am often asked "what is economic development"? Like any theoretical concept, we could have a long discussion about the definition of economic development, and there are many. The majority of definitions share a few key principles, so for the purpose of this article I am going to define economic development as a community's planned pursuit of economic growth to improve the quality of life of its citizens.
The fact that well-delivered economic development programs must be planned is not surprising. Like any strategic endeavour, economic development programs must have clear objectives that can be delivered through incremental programs. The programs should be designed to achieve specific outcomes and the outcomes must be monitored and reported to stakeholders.
The notion that economic development should be firmly rooted in the community in which it is practiced is also reasonably self-evident. The phrase "think globally and act locally" illustrates the idea that the way we choose to act in our local context should be informed by global trends and that our actions have the most direct impact on our local environment. This notion also applies to the creation of quality economic development programs. It is imperative to understand how global economic trends influence our local economic context. It is also crucial to be clear about the difference between what local public policy can and cannot influence. For example, local economic development agencies have no influence over commodity prices in the global market place, but can have a positive impact on the economic climate in which local suppliers of the mining or forestry industry operate. The trick is for economic developers to focus on the big picture while acting meaningfully in their local context.
The idea that economic development is a pursuit and therefore takes times can be a less satisfying concept. The idea of having to wait for a return on investment becomes more palatable when it is combined with the notion of "planned pursuit," meaning that we are not chasing the proverbial pot of gold but are rather following a cohesive strategy with clear goals and a vision of what success looks like. But any way you slice it, pursuits take time and while taking advantage of low-hanging fruit and early wins creates welcome excitement and momentum, economic development remains a pursuit that takes time to fully realize.
Quality of life is also a concept over which there could be long debates. But I think if we apply the same logic as we did to the concept of "think globally and act locally", we might be able to agree that local economic development agencies should strive to influence what they can to create conditions within which people have enough economic freedom to pursue what quality of life means to them.
Finally, there is the concept of the citizen. Initiatives Prince George (IPG) is a primarily tax funded organization that is owned by the City of Prince George. And that means we exist to serve the city's residents. Serving the citizens of Prince George is a responsibility we take very seriously. Working with our board of directors and the City of Prince George, we honour that responsibility in a number of ways. Some of the ones I am most proud of are: our collaborative partnerships, our practice of fiscal prudence - over the past several years we have significantly cut costs associated with salaries and operating expenses in order to increase the amount of money allocated toward program delivery - and our high standard of customer service.
Primarily, we serve by implementing quality economic development programs that are relevant to the citizens and businesses of our city. After careful examination of our economic context and consultation with key stakeholders, we have developed an economic development strategy that focuses on: enabling local business growth because the majority of capital investment and job creation in our city comes from local businesses; attracting new investment that will benefit from the city's many competitive advantages; and growing the population and workforce because in our context, access to skilled employees impacts the ability of existing businesses to grow and new businesses to locate in Prince George.
Prince George is the largest city in one of the fastest growing regions in the country. Strategic economic development programming that is aligned with global trends, relevant to our local context, and pursues excellence while focusing on serving its citizens, can enable Prince George to more fully capitalize on economic opportunities, thus strengthening the foundation upon which the people who live and invest here can improve their quality of life.
