New Strategies for Local Economic Development

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New Challenges for Local Economic Development Planners: New Strategies for Local Economic Development

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In the preceding article, Michael Redmond notes several objections to the industrial recruitment process as currently practiced. Briefly summarized, these objections are: (1) industrial recruitment is essentially a passive strategy, dependent upon public inducements to private decision makers; (2) lacking the qualities desired by managers making locational decisions, some communities fail to attract new industry; (3) the recruitment process is often dominated by a few groups within the community that may not reflect wider community interests. Some methods are then suggested for improving industrial recruitment as an economic development strategy. While job creation through attraction of outside capital can be an effective development tool, even an optimally designed industrial recruitment strategy is not appropriate for all areas, all situations, and all times. Job creation efforts can be expanded to include internal development — encouragement of local potential for job creation. Furthermore, the local planner must be prepared to provide support to job retention efforts as well. The economic vitality of a community is dependent upon a complex set of inter-relationships, and no single tool in the planner's kit is suitable for all problems. Unless the economic development planner is able to design new tools, or adapt existing ones, the planner may be forced to stand by helplessly as the community suffers from economic dislocations.

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