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General Principles of Economic Development Planning
Most of the economic development plans drafted by Washington cities and counties have tended to follow the format suggested in the GMA Guidebook: Developing Your Economic Development Strategy (DCD, July 1993). General principles of the economic development planning process are outlined in Part IV of this publication and are summarized below:
- Identify Stakeholders - Identify the stakeholders and get them to participate in the planning process: creating a workable economic strategy requires support from the broader public on whose behalf the plan is being prepared.
- Create a Profile - Determine the community's current condition. This section includes information on community setting, trends, issues and factors affecting economic development.
- Create an Inventory - Identify and map businesses that currently make up the economy. Categorize businesses by industry sector, those businesses that make up the economic base, and by types of public revenue they generate.
- Evaluate the Profile and Inventory - Provides a framework from which to define economic development options and documents the analysis conducted in determining how to manage future economic development efforts.
- Identify Approach - Identify community concerns and goals for economic development, and describe how to address those concerns and reach goals. The approach provides the basis for local economic policy and defines the roles of various stakeholders in sustaining and strengthening the local economy. Components include the community vision, the market economy, community values, factors that influence economic development, and economic options.
- Develop Policies - Policies translate community concerns and goals into clear statements of public intent. These policies will guide public and private investment in local economic development activities and further refine the roles and expectations of key stakeholders.
- Implement - Implementation measures convert the goals and policies for the economy into specific actions. These measures also clearly define how public investment will be made in your local economic development activities.