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Economic Development Functions Explained

Functions of economic development with portrait of Glenn

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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

Let’s stop reinventing the wheel in Local and Regional Economic Development in the UK

Let’s stop reinventing the wheel in Local and Regional Economic Development in the UK

๐—˜๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ณ๐—ฒ๐˜„ ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€ ๐˜„๐—ฒ ๐—ฟ๐—ฒ๐—ถ๐—ป๐˜ƒ๐—ฒ๐—ป๐˜ 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—ฝ๐—ผ๐—น๐—ถ๐—ฐ๐˜†. ๐—œ ๐˜„๐—ผ๐˜‚๐—น๐—ฑ๐—ป'๐˜ ๐—ฐ๐—ฎ๐—น๐—น ๐—ถ๐˜ ๐—ฟ๐—ฒ๐—ถ๐—ป๐˜ƒ๐—ฒ๐—ป๐˜๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฒ ๐˜„๐—ต๐—ฒ๐—ฒ๐—น - ๐—บ๐—ผ๐—ฟ๐—ฒ ๐—น๐—ถ๐—ธ๐—ฒ ๐—ฟ๐—ฒ๐—ฝ๐—น๐—ฎ๐—ฐ๐—ถ๐—ป๐—ด ๐—ฟ๐—ผ๐˜‚๐—ป๐—ฑ ๐˜„๐—ต๐—ฒ๐—ฒ๐—น๐˜€ ๐˜„๐—ถ๐˜๐—ต ๐˜€๐—พ๐˜‚๐—ฎ๐—ฟ๐—ฒ ๐—ผ๐—ป๐—ฒ๐˜€ The reinvention is not really the problem. The problem is that we set fire to everything we knew about wheels....

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The 1996 Test

The 1996 Test

๐—›๐—ฒ๐—ฟ๐—ฒ ๐—ถ๐˜€ ๐—ฎ ๐˜๐—ฒ๐˜€๐˜ ๐—ณ๐—ผ๐—ฟ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—น๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜†. ๐—–๐—ผ๐˜‚๐—น๐—ฑ ๐—ถ๐˜ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐—ฏ๐—ฒ๐—ฒ๐—ป ๐—ฝ๐˜‚๐—ฏ๐—น๐—ถ๐˜€๐—ต๐—ฒ๐—ฑ ๐—ถ๐—ป ๐Ÿญ๐Ÿต๐Ÿต๐Ÿฒ ๐˜„๐—ถ๐˜๐—ต ๐˜๐—ต๐—ฒ ๐—น๐—ผ๐—ด๐—ผ๐˜€ ๐—ฐ๐—ต๐—ฎ๐—ป๐—ด๐—ฒ๐—ฑ? Growth corridors. Gateway sites. A new business workspace building. Business support. A skills push. An innovation ecosystem. A place-marketing campaign. If...

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Institutions as gaffer tape: the story of policy failure in the UK

Institutions as gaffer tape: the story of policy failure in the UK

๐—œ๐—ป๐˜€๐˜๐—ถ๐˜๐˜‚๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ฎ๐˜€ ๐—ด๐—ฎ๐—ณ๐—ณ๐—ฒ๐—ฟ ๐˜๐—ฎ๐—ฝ๐—ฒ: ๐˜๐—ต๐—ฒ ๐˜€๐˜๐—ผ๐—ฟ๐˜† ๐—ผ๐—ณ ๐—ฝ๐—ผ๐—น๐—ถ๐—ฐ๐˜† ๐—ณ๐—ฎ๐—ถ๐—น๐˜‚๐—ฟ๐—ฒ ๐—ถ๐—ป ๐˜๐—ต๐—ฒ ๐—จ๐—ž ๐—ฎ๐—ป๐—ฑ ๐˜๐—ต๐—ฒ ๐˜๐—ฒ๐—บ๐—ฝ๐—ผ๐—ฟ๐—ฎ๐—ฟ๐˜† ๐—ณ๐—ถ๐˜…๐—ฒ๐˜€ ๐˜„๐—ต๐—ถ๐—ฐ๐—ต ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐—ณ๐—ฎ๐—ถ๐—น๐—ฒ๐—ฑ The Regional Development Agencies lasted thirteen years from statute to closure. The Local Enterprise Partnerships lasted thirteen. The average English...

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Do The Same Get The Same

Do The Same Get The Same

Britain has been running the same experiment on its regional economies for forty years, and the results are in. The institutional roll-call reads like a war memorial: development corporations, enterprise zones, urban programmes, TECs, Government Offices, RDAs, the...

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๐——๐—ผ ๐˜†๐—ผ๐˜‚ ๐˜„๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—ด๐—ฟ๐—ฒ๐—ฎ๐˜ ๐—ฎ๐˜ ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜?

๐——๐—ผ ๐˜†๐—ผ๐˜‚ ๐˜„๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—ด๐—ฟ๐—ฒ๐—ฎ๐˜ ๐—ฎ๐˜ ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜?

I mean the question literally, and I think everyone in this field should answer it. Not โ€œdo you want your place to prosperโ€ - everyone wants that, the way everyone wants good weather. I mean: does your institution intend to become genuinely excellent at the discipline...

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๐—ฆ๐˜„๐—ฒ๐—ฑ๐—ฒ๐—ป: 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—ฆ๐˜„๐—ฒ๐—ฑ๐—ฒ๐—ป: 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—ฆ๐˜„๐—ฒ๐—ฑ๐—ฒ๐—ปโ€™๐˜€ approach to local and regional economic development (LRED) provides vital insights into balancing...

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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 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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Let’s stop reinventing the wheel in Local and Regional Economic Development in the UK

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๐—˜๐˜ƒ๐—ฒ๐—ฟ๐˜† ๐—ณ๐—ฒ๐˜„ ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€ ๐˜„๐—ฒ ๐—ฟ๐—ฒ๐—ถ๐—ป๐˜ƒ๐—ฒ๐—ป๐˜ 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—ฝ๐—ผ๐—น๐—ถ๐—ฐ๐˜†. ๐—œ ๐˜„๐—ผ๐˜‚๐—น๐—ฑ๐—ป'๐˜ ๐—ฐ๐—ฎ๐—น๐—น ๐—ถ๐˜ ๐—ฟ๐—ฒ๐—ถ๐—ป๐˜ƒ๐—ฒ๐—ป๐˜๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฒ ๐˜„๐—ต๐—ฒ๐—ฒ๐—น - ๐—บ๐—ผ๐—ฟ๐—ฒ ๐—น๐—ถ๐—ธ๐—ฒ...

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The 1996 Test

The 1996 Test

๐—›๐—ฒ๐—ฟ๐—ฒ ๐—ถ๐˜€ ๐—ฎ ๐˜๐—ฒ๐˜€๐˜ ๐—ณ๐—ผ๐—ฟ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—น๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐˜€๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐˜†. ๐—–๐—ผ๐˜‚๐—น๐—ฑ ๐—ถ๐˜ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐—ฏ๐—ฒ๐—ฒ๐—ป ๐—ฝ๐˜‚๐—ฏ๐—น๐—ถ๐˜€๐—ต๐—ฒ๐—ฑ ๐—ถ๐—ป ๐Ÿญ๐Ÿต๐Ÿต๐Ÿฒ ๐˜„๐—ถ๐˜๐—ต ๐˜๐—ต๐—ฒ ๐—น๐—ผ๐—ด๐—ผ๐˜€ ๐—ฐ๐—ต๐—ฎ๐—ป๐—ด๐—ฒ๐—ฑ? Growth...

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๐——๐—ผ ๐˜†๐—ผ๐˜‚ ๐˜„๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—ด๐—ฟ๐—ฒ๐—ฎ๐˜ ๐—ฎ๐˜ ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜?

๐——๐—ผ ๐˜†๐—ผ๐˜‚ ๐˜„๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—ด๐—ฟ๐—ฒ๐—ฎ๐˜ ๐—ฎ๐˜ ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜?

I mean the question literally, and I think everyone in this field should answer it. Not โ€œdo you want your place to...

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๐—ฆ๐˜„๐—ฒ๐—ฑ๐—ฒ๐—ป: 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—ฆ๐˜„๐—ฒ๐—ฑ๐—ฒ๐—ป: 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...

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