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Economic Development 101 Economic Development Australia – SA Chapter.

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Presentation on theme: "Economic Development 101 Economic Development Australia – SA Chapter."— Presentation transcript:

1 Economic Development 101 Economic Development Australia – SA Chapter

2 Economic Development 101 Economic development defined Economic development defined Case Study – Port Adelaide-Enfield Case Study – Port Adelaide-Enfield Case Study – Charles Sturt Case Study – Charles Sturt Launch - LGA Launch - LGA

3 Economic Development 101 Economic Development 101 EDA definition and Loddon Shire (Vic) The purpose of local economic development (LED) is to build the economic capacity of a local area to improve its economic future and the quality of life for all. It is a process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation.

4 Economic Development 101 Economic Development 101 Montrose Economic Development Corporation (Colorado USA) Economic development is a vital activity for any community. It is the process of creating greater wealth within a community by bringing in new "outside" dollars. This is mainly achieved through: Retention, expansion, and recruitment of primary jobs Retention, expansion, and recruitment of primary jobs New capital investment New capital investment Business creation and attraction Business creation and attraction

5 Economic Development 101 Economic Development 101 Planning Institute of Australia Economic development is the process by which financial, social, human, natural, built and institutional capital are brought together in more creative and efficient ways to provide sustainable and satisfying livelihoods for the community Economic development is the process by which financial, social, human, natural, built and institutional capital are brought together in more creative and efficient ways to provide sustainable and satisfying livelihoods for the community The success of the work of Economic Developers is ultimately measured in terms of the ability of the local or regional economy to provide quality employment for all who seek it. The success of the work of Economic Developers is ultimately measured in terms of the ability of the local or regional economy to provide quality employment for all who seek it.

6 Economic Development 101 Economic Development 101 City of Perth Sustainable economic development forges a stronger city, culturally and socially, with lasting prosperity that improves the overall quality of living

7 Economic Development 101 Economic Development 101 Gold Coast City Council Strategy prioritises economic opportunities to deliver the following outcomes:  business and investor confidence  improved productivity  employment  diversification  increased education and skills attainment

8 Economic Development 101

9 Economic Development 101 Economic Development 101 South Australian Centre for Economic Studies Economic development refers to the process by which economies evolve and change over time, with particular focus on changes in economic and industry structure, the rate of technological change and overall rate of growth of activity levels and employment opportunities. Understanding those processes and their outcomes provides the basis for economic development strategies.

10 Economic Development 101 Economic Development 101 Economic Development Model Guidelines June 2015 (Wattle Range Council and SED Advisory) Economic development is the process by which a community or region can achieve structured and managed sustainable economic growth and improved prosperity for business and residents. Economic development is the process by which a community or region can achieve structured and managed sustainable economic growth and improved prosperity for business and residents. Economic development is generally the policy, strategy and supporting actions set by governments and communities to enhance economic and social prosperity. Economic development is generally the policy, strategy and supporting actions set by governments and communities to enhance economic and social prosperity. Economic growth is the measure of economic activity such as output, productivity, employment and community prosperity that results from economic strategy. Economic growth is the measure of economic activity such as output, productivity, employment and community prosperity that results from economic strategy.


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