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Economic Development Functions Explained

Functions of economic development with portrait of Glenn

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Date posted

April 30, 2026

๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—˜๐˜…๐—ฝ๐—น๐—ฎ๐—ถ๐—ป๐—ฒ๐—ฑ – ๐˜๐—ต๐—ฒ ๐—ณ๐˜‚๐—ป๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ผ๐—ณ ๐—น๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฟ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜

The Local and Regional Economic Development Handbook (www.lredhandbook.com ) is structured and written as an economic developer would think about their world, their professional discipline and how they work.

Here’s what the economic development job actually covers:

โ†’ Enterprise & entrepreneurship โ€” helping local businesses start, scale, and innovate

โ†’ Inward investment โ€” attracting external firms AND embedding them so they stay

โ†’ Skills & employment โ€” aligning workforce capabilities with what the economy actually needs

โ†’ Innovation ecosystems โ€” turning R&D into products, services, and jobs

โ†’ Place & infrastructure โ€” the physical environment that makes locations work for businesses and people

โ†’ Inclusion & poverty reduction โ€” making sure growth doesn’t just benefit those already winning

โ†’ Climate transition โ€” reshaping local economies for a net zero future

Seven distinct activity areas. Most requiring different partnerships, different metrics, different expertise.

Yet economic development teams are routinely understaffed, under-resourced, and judged by a single metric: how many companies did you attract this year?

The core insight I keep returning to after 32 years: places don’t prosper by accident. They prosper because someone made an informed decision, built the right partnership, or designed a programme that actually worked.

My new handbook covers every one of these areas โ€” not theory, but practical guidance for practitioners doing this work daily.

Watch the Youtube video about this in the link.

#EconomicDevelopment #RegionalDevelopment #LocalEconomy #PlaceLeadership #EconDev

๐—š๐—ฒ๐—ฟ๐—บ๐—ฎ๐—ป๐˜†: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—š๐—ฒ๐—ฟ๐—บ๐—ฎ๐—ป๐˜†: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case studies and examples that span the globe.๐—š๐—ฒ๐—ฟ๐—บ๐—ฎ๐—ป๐˜†โ€™๐˜€ approach to local and regional economic development (LRED) provides vital insights into balancing...

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๐—™๐—ฟ๐—ฎ๐—ป๐—ฐ๐—ฒ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—™๐—ฟ๐—ฎ๐—ป๐—ฐ๐—ฒ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case studies and examples that span the globe.The Handbook highlights France as a leader in managed industrial transitions, innovation-led development, and...

read more
๐—ฆ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐—ฑ๐—ผ๐—ฒ๐˜€ ๐—ป๐—ผ๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐—ถ๐˜ ๐—ต๐—ฎ๐—ฝ๐—ฝ๐—ฒ๐—ป: ๐—ง๐—ต๐—ฒ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜† ๐—ฑ๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ด๐—ฎ๐—ฝ

๐—ฆ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐—ฑ๐—ผ๐—ฒ๐˜€ ๐—ป๐—ผ๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐—ถ๐˜ ๐—ต๐—ฎ๐—ฝ๐—ฝ๐—ฒ๐—ป: ๐—ง๐—ต๐—ฒ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜† ๐—ฑ๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ด๐—ฎ๐—ฝ

I joined David Marlow and Mike Spicer on the LED Confidential podcast recently, and we went straight at the question that opened the episode: why do so many places struggle to close the gap between what they set out to do and what actually happens on the ground? My...

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๐—™๐—ถ๐—ป๐—น๐—ฎ๐—ป๐—ฑ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—™๐—ถ๐—ป๐—น๐—ฎ๐—ป๐—ฑ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case studies and examples that span the globe.The Handbook highlights Finland as a leader in managed industrial transitions, innovation-led development, and...

read more
๐——๐—ฒ๐—ป๐—บ๐—ฎ๐—ฟ๐—ธ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐——๐—ฒ๐—ป๐—บ๐—ฎ๐—ฟ๐—ธ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case studies and examples that span the globe. The Handbook references Denmark as a global leader in high-performance innovation ecosystems, professionalised...

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๐—š๐—ฒ๐—ฟ๐—บ๐—ฎ๐—ป๐˜†: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—š๐—ฒ๐—ฟ๐—บ๐—ฎ๐—ป๐˜†: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case...

read more
๐—™๐—ฟ๐—ฎ๐—ป๐—ฐ๐—ฒ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—™๐—ฟ๐—ฎ๐—ป๐—ฐ๐—ฒ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case...

read more
๐—ฆ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐—ฑ๐—ผ๐—ฒ๐˜€ ๐—ป๐—ผ๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐—ถ๐˜ ๐—ต๐—ฎ๐—ฝ๐—ฝ๐—ฒ๐—ป: ๐—ง๐—ต๐—ฒ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜† ๐—ฑ๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ด๐—ฎ๐—ฝ

๐—ฆ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐—ฑ๐—ผ๐—ฒ๐˜€ ๐—ป๐—ผ๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐—ถ๐˜ ๐—ต๐—ฎ๐—ฝ๐—ฝ๐—ฒ๐—ป: ๐—ง๐—ต๐—ฒ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜† ๐—ฑ๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ด๐—ฎ๐—ฝ

I joined David Marlow and Mike Spicer on the LED Confidential podcast recently, and we went straight at the question...

read more
๐—™๐—ถ๐—ป๐—น๐—ฎ๐—ป๐—ฑ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

๐—™๐—ถ๐—ป๐—น๐—ฎ๐—ป๐—ฑ: ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฎ๐—ป๐—ฑ ๐—ฅ๐—ฒ๐—ด๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐——๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—›๐—ฎ๐—ป๐—ฑ๐—ฏ๐—ผ๐—ผ๐—ธ ๐—–๐—ฎ๐˜€๐—ฒ ๐˜€๐˜๐˜‚๐—ฑ๐—ถ๐—ฒ๐˜€ ๐—”-๐—ญ

The Local and Regional Economic Development Handbook, launched on 27 April, contains a wealth of practical case...

read more