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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

๐—–๐—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ: 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—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ: 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 Canada as a prime example of strategic regional economic development through its...

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๐—”๐˜‚๐˜€๐˜๐—ฟ๐—ฎ๐—น๐—ถ๐—ฎ: 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˜‚๐˜€๐˜๐—ฟ๐—ฎ๐—น๐—ถ๐—ฎ: 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 Australia as a nation utilizing structured, collaborative frameworks to bridge the gap...

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๐—ง๐—ต๐—ฒ ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฎ๐˜ ๐˜๐—ผ๐—ผ๐—ธ ๐—บ๐—ฒ ๐—น๐—ผ๐—ป๐—ด๐—ฒ๐˜€๐˜ ๐˜๐—ผ ๐˜‚๐—ป๐—ฑ๐—ฒ๐—ฟ๐˜€๐˜๐—ฎ๐—ป๐—ฑ ๐—ถ๐—ป ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜? ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฐ๐—ผ๐—ป๐˜๐—ฒ๐˜…๐˜ ๐—ถ๐˜€ ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐˜๐—ต๐—ถ๐—ป๐—ด

๐—ง๐—ต๐—ฒ ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฎ๐˜ ๐˜๐—ผ๐—ผ๐—ธ ๐—บ๐—ฒ ๐—น๐—ผ๐—ป๐—ด๐—ฒ๐˜€๐˜ ๐˜๐—ผ ๐˜‚๐—ป๐—ฑ๐—ฒ๐—ฟ๐˜€๐˜๐—ฎ๐—ป๐—ฑ ๐—ถ๐—ป ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—บ๐—ฒ๐—ป๐˜? ๐—Ÿ๐—ผ๐—ฐ๐—ฎ๐—น ๐—ฐ๐—ผ๐—ป๐˜๐—ฒ๐˜…๐˜ ๐—ถ๐˜€ ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐˜๐—ต๐—ถ๐—ป๐—ด

I sat in meetings early in my career where decisions were being made and I didn't know the local backstory. Who had tried what before? Why certain approaches had been abandoned? What are the political sensitivities? What the community actually needed versus what...

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๐—˜๐—ฎ๐—ฟ๐—น๐˜† ๐—–๐—ฎ๐—ฟ๐—ฒ๐—ฒ๐—ฟ ๐—Ÿ๐—ฒ๐˜€๐˜€๐—ผ๐—ป: ๐—ช๐—ต๐—ฎ๐˜ ๐— ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€ ๐—ถ๐˜€ ๐——๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜†

๐—˜๐—ฎ๐—ฟ๐—น๐˜† ๐—–๐—ฎ๐—ฟ๐—ฒ๐—ฒ๐—ฟ ๐—Ÿ๐—ฒ๐˜€๐˜€๐—ผ๐—ป: ๐—ช๐—ต๐—ฎ๐˜ ๐— ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€ ๐—ถ๐˜€ ๐——๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜†

๐˜”๐˜บ ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต ๐˜ซ๐˜ฐ๐˜ฃ ๐˜ช๐˜ฏ ๐˜ฆ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜ช๐˜ค ๐˜ฅ๐˜ฆ๐˜ท๐˜ฆ๐˜ญ๐˜ฐ๐˜ฑ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜ธ๐˜ข๐˜ด ๐˜ข๐˜ด ๐˜ข ๐˜ค๐˜ฐ๐˜ฏ๐˜ด๐˜ถ๐˜ญ๐˜ต๐˜ข๐˜ฏ๐˜ต ๐˜ช๐˜ฏ ๐˜š๐˜ค๐˜ฐ๐˜ต๐˜ญ๐˜ข๐˜ฏ๐˜ฅ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐Ÿฃ๐Ÿซ๐Ÿซ๐Ÿข๐˜ด I thought I was reasonably well prepared. I had read the research, understood the theories, sat in plenty of meetings with practitioners. What I wasn't prepared for was the reality of...

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The 10 big takeaways from The Local and Regional Economic Development Handbook

The 10 big takeaways from The Local and Regional Economic Development Handbook

Folks - it's been a fantastic week promoting ๐˜›๐˜ฉ๐˜ฆ ๐˜“๐˜ฐ๐˜ค๐˜ข๐˜ญ ๐˜ข๐˜ฏ๐˜ฅ ๐˜™๐˜ฆ๐˜จ๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜Œ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜ช๐˜ค ๐˜‹๐˜ฆ๐˜ท๐˜ฆ๐˜ญ๐˜ฐ๐˜ฑ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜๐˜ข๐˜ฏ๐˜ฅ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ and many thanks to everyone who's engaged and bought the book already. I'd like to conclude this week with a focus on the very last page of the book - it summarises the...

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Question About the Handbook? Ask the AI assistant, Eddie

Question About the Handbook? Ask the AI assistant, Eddie

The handbook's website has an AI assistant, Eddie, which can be accessed by clicking on "Talk to AI" in the lower right hand side of the screen. Eddie is a RAG-based AI agent with the entire book's contents sitting behind enquiries and reasoning. F๐˜ฐ๐˜ณ ๐˜ฆ๐˜น๐˜ข๐˜ฎ๐˜ฑ๐˜ญ๐˜ฆ, ๐˜ธ๐˜ฉ๐˜ฆ๐˜ฏ...

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Economic Development Practitioners Who Understand Business Fundamentals Design More Impactful Support Programmes

Economic Development Practitioners Who Understand Business Fundamentals Design More Impactful Support Programmes

Here's what a regional economic development expert, ex CEO of Glasgow Development Agency said about The Local and Regional Economic Development Handbook:"๐˜›๐˜ฉ๐˜ฆ ๐˜ช๐˜ฏ๐˜ต๐˜ณ๐˜ฐ๐˜ฅ๐˜ถ๐˜ค๐˜ต๐˜ช๐˜ฐ๐˜ฏ ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ค๐˜ฉ๐˜ข๐˜ฑ๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ฏ ๐˜ฆ๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ฑ๐˜ณ๐˜ช๐˜ด๐˜ฆ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฃ๐˜ถ๐˜ด๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ด ๐˜ด๐˜ถ๐˜ฑ๐˜ฑ๐˜ฐ๐˜ณ๐˜ต ๐˜ด๐˜ฉ๐˜ฐ๐˜ถ๐˜ญ๐˜ฅ ๐˜ฃ๐˜ฆ ๐˜ค๐˜ฐ๐˜ฎ๐˜ฑ๐˜ถ๐˜ญ๐˜ด๐˜ฐ๐˜ณ๐˜บ ๐˜ณ๐˜ฆ๐˜ข๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ง๐˜ฐ๐˜ณ ๐˜ข๐˜ฏ๐˜บ ๐˜ฑ๐˜ถ๐˜ฃ๐˜ญ๐˜ช๐˜ค...

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๐—–๐—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ: 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—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ: 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˜‚๐˜€๐˜๐—ฟ๐—ฎ๐—น๐—ถ๐—ฎ: 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˜‚๐˜€๐˜๐—ฟ๐—ฎ๐—น๐—ถ๐—ฎ: 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—ฎ๐—ฟ๐—น๐˜† ๐—–๐—ฎ๐—ฟ๐—ฒ๐—ฒ๐—ฟ ๐—Ÿ๐—ฒ๐˜€๐˜€๐—ผ๐—ป: ๐—ช๐—ต๐—ฎ๐˜ ๐— ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€ ๐—ถ๐˜€ ๐——๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜†

๐—˜๐—ฎ๐—ฟ๐—น๐˜† ๐—–๐—ฎ๐—ฟ๐—ฒ๐—ฒ๐—ฟ ๐—Ÿ๐—ฒ๐˜€๐˜€๐—ผ๐—ป: ๐—ช๐—ต๐—ฎ๐˜ ๐— ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€ ๐—ถ๐˜€ ๐——๐—ฒ๐—น๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐˜†

๐˜”๐˜บ ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต ๐˜ซ๐˜ฐ๐˜ฃ ๐˜ช๐˜ฏ ๐˜ฆ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜ช๐˜ค ๐˜ฅ๐˜ฆ๐˜ท๐˜ฆ๐˜ญ๐˜ฐ๐˜ฑ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜ธ๐˜ข๐˜ด ๐˜ข๐˜ด ๐˜ข ๐˜ค๐˜ฐ๐˜ฏ๐˜ด๐˜ถ๐˜ญ๐˜ต๐˜ข๐˜ฏ๐˜ต ๐˜ช๐˜ฏ ๐˜š๐˜ค๐˜ฐ๐˜ต๐˜ญ๐˜ข๐˜ฏ๐˜ฅ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐Ÿฃ๐Ÿซ๐Ÿซ๐Ÿข๐˜ด I thought I was reasonably well...

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The 10 big takeaways from The Local and Regional Economic Development Handbook

The 10 big takeaways from The Local and Regional Economic Development Handbook

Folks - it's been a fantastic week promoting ๐˜›๐˜ฉ๐˜ฆ ๐˜“๐˜ฐ๐˜ค๐˜ข๐˜ญ ๐˜ข๐˜ฏ๐˜ฅ ๐˜™๐˜ฆ๐˜จ๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜Œ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜ช๐˜ค ๐˜‹๐˜ฆ๐˜ท๐˜ฆ๐˜ญ๐˜ฐ๐˜ฑ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜๐˜ข๐˜ฏ๐˜ฅ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ and many thanks to...

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