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Do you need to design an economic development initiative—maybe to spend down ARPA funds, or perhaps to seize on new momentum in your community? We’re here to help! Contact Lindsay Johnson, Director of Strategic Planning, to begin brainstorming your next effort.
When it comes to strategic planning and implementation, economic development professionals—like many others—are feeling increased pressure to make the most of limited funding and staff resources.
In today’s uncertain environment, the growing demand for economic development insights reflects a collective desire for clarity and direction. Yet, navigating market realities while preparing for the future can often feel overwhelming.
For economic development organizations (EDOs) with many priorities and partners, it can be difficult to know where to start.
While we can’t plan for everything—as John Steinbeck famously wrote, “The best-laid plans of mice and men often go awry”—EDOs can meet the moment by rethinking what the first step to an organizational, community, or regional initiative looks like.
Sometimes, this may simply mean collecting data to establish a starting point. Other times, a community has already put in years of analysis and engagement and is ready to launch a bold, transformative initiative.
Camoin Associates supports a wide range of economic development projects each year, and we understand how difficult it can be to plan and launch initiatives that achieve your team’s desired outcomes. This article is designed to help you pause, reflect, and prioritize.
It includes sample scenarios we’ve encountered in our work and a decision tree to help you consider how best to scope your next economic development initiative. While there are many ways to approach prioritization, this article offers one method to guide your thinking.
What and Who is Driving Your Initiative?
Whether an economic development initiative is prompted by an external influence or driven by a desire for improved internal organization, clearly defining your team’s intent and desired outcomes is essential.
Start by identifying your primary motivation: Are you seeking information, setting high-level priorities, or outlining specific actions? In many instances, it may be a combination of all three. When that’s the case, it’s helpful to determine which priorities are most time-sensitive—whether due to urgency or broader regional momentum.
Another valuable step is to consider your audience and the decisions they need to make with your support. Are you gathering data, establishing shared direction, or recommending actions? Think about who will use that information—internal colleagues, community leaders, funders, or elected officials—and tailor your efforts to meet their needs.
Initiative drivers might include:
- Justifying public investment
- Creating a roadmap for community or regional growth
- Identifying “what could be” and understanding potential outcomes to guide goal-setting
- Aligning internal priorities and capabilities
Choose the Right Initiative
At Camoin Associates, we often think of an economic development strategic plan as “the whole enchilada”—part data analysis, part consensus building, part engagement, and part strategy (both organizationally and across partners). Sometimes, it makes sense for EDOs to take a bite-sized approach to strategic planning by building on analyses and engagement over a longer time period.
Below is a selection of common economic development initiatives that EDOs might be considering for their next undertaking.
Economic Development Strategic Plan
Best for regions, municipalities, or EDOs seeking to stimulate growth, attract businesses, and enhance quality of life.
Ideal when there is a need to align stakeholders, set long-term goals, and coordinate economic development efforts across sectors and jurisdictions.
Key Questions
- “Are you aiming to diversify your economy?”
- “Do you need to attract new industries or retain existing ones?”
- “Are you looking to enhance workforce development?”
- “Are you attempting to revitalize a particular area?”
- “Does the community need an overall economic vision?”
Outputs: Economic development priorities, action items, and partner and resource considerations.
Corridor Plan
Best for regional planning organizations, community development corporations, or developers focusing on developing and managing a specific geographic development corridor.
Ideal when a corridor is experiencing decline or growth pressure, infrastructure investment is planned or needed, or there is a desire to guide redevelopment activity.
Key Questions
- “Are you planning infrastructure improvements along a specific route?”
- “Do you need to manage land use and development along a corridor?”
- “Are you looking to enhance connectivity and accessibility?”
- “Are you attempting to increase economic activity along a specific thoroughfare or neighborhood?”
- “Is there a need to improve the aesthetics of a specific area?”
Outputs: Land use recommendations, design guidelines, infrastructure priorities, economic development strategies, and implementation roadmaps.
Market Assessment
Best for local governments, developers, business improvement districts, and EDOs evaluating commercial, residential, or industrial growth opportunities.
Ideal when you need to understand current market conditions, gaps, and opportunities to inform investment, policy, or programmatic decisions.
Key Questions
- “What is the demand for specific types of development (e.g., retail, housing, office)?”
- “What are the demographics, income levels, and consumer behaviors in the area?”
- “Where are there mismatches between supply and demand?”
- “What types of businesses are likely to succeed here?”
- “How does the area compare to peer markets?”
Outputs: Market trends, supply-demand analysis, target sectors, opportunity sites, and feasibility recommendations.
Facilitation Services
Best for communities, organizations, or partnerships needing neutral guidance to align stakeholders, build consensus, or navigate complex decisions.
Ideal when multiple stakeholders need to collaborate on vision, strategy, or conflict resolution, and an external facilitator can help create a productive, inclusive environment.
Key Questions
- “Are stakeholders struggling to find common ground?”
- “Do you need help managing difficult conversations or decision-making processes?”
- “Is your group trying to develop a shared vision or strategy?”
- “Do you need a structured process to move from ideas to action?”
- “Would an external voice help guide or mediate your planning process?”
Outputs: Vision, mission, and organizing principles.
Organizational Plan
Best for EDOs setting internal priorities and aligning team efforts.
Ideal when leadership transitions, funding shifts, or organizational growth require a reset.
Key Questions
- “Are you experiencing internal inefficiencies or bottlenecks?”
- “Do you need to restructure your organization or redefine roles?”
- “Are you looking to improve internal and external communication and collaboration?”
- “Are you looking for ways to improve your organization’s impact?”
Outputs: Vision, mission, goals, KPIs, and resource allocation strategies.
Economic Impact Analysis
Best for assessing the value or effects of a specific project or investment.
Ideal when making the case for funding or public support.
Key Questions
- “What are the direct, indirect, and induced economic effects of this project?”
- “How many jobs will be created or supported?”
- “What are the fiscal benefits (e.g., tax revenues)?”
- “What is the return on investment for public or private stakeholders?”
- “How will this project affect the local or regional economy?”
Outputs: Jobs created, additional tax revenue, and GDP contribution.
Economic Scenario Modeling
Best for exploring “what-if” questions and testing assumptions about future economic conditions.
Ideal when planning around uncertainty (e.g., automation, environmental concerns, demographic shifts).
Key Questions
- “What happens if current trends accelerate or reverse?”
- “How resilient is our economy to major shocks?”
- “What are the long-term implications of policy changes?”
- “Which economic sectors are most vulnerable or adaptable?”
- “How might different investment strategies affect outcomes?”
Outputs: Multiple future scenarios and sensitivity analyses.
If you’re more of a visual person, our team developed a decision tree to help you scope your next economic development initiative. Consider your most urgent need—information, priorities, or action—as a starting point.
Does this article resonate with you? We understand that planning an economic development initiative is complex, and a straightforward guide (or decision tree) can only capture so many scenarios in an interconnected world.
If an outside perspective would help your team take the right next steps, consider contacting our Strategic and Organizational Planning Team to discuss possibilities by using the link below.
