Fundamentals of Economic Development

Economic Development is not one simple, discrete activity. Economic Development is actually a number of individual programs and initiatives, each having multiple stakeholders, specifically selected as part of a comprehensive strategy to address the unique needs and opportunities of the community. A succcessful strategy must be grounded on a clear understanding of the strengths and weaknesses of the local economy and how the economy is performing withing the context of the regional market in which it operates.

Some maxims of economic development in Collingwood:

1. Existing businesses will account for as much as 90% of economic growth in a community.
2. 70 - 85% of new Foreign Direct Investment is follow-on by multi-national enterprises which are already established.
3. Targeting is critical: in every community there will be too many opportunities to actively pursue.
4. Personal contact is the most effective means of communicating a community's attributes to a potential investor.
5. An introduction or personal referral from a trusted source is the most effective prelude to a decision-maker.
6. 70% of growth will come from within the industrial sector.
7. Maintaining a diversified economic base and range and choice of employment lands.
8. Focused investment through identification of priority growth areas and corresponding coordination/allocation of employment projections.
9. Support employment/housing balance in communities.

Economic Development Ongoing Initiatives

--Business in Motion Meetings
--Industry Meetings (quarterly)
--Physician Retention & Attraction
--University of Toronto Courses
--Economic Impact Analysis
--Truck to Rail Facility
--Economic Development Strategy
--Transit Feasibility Study of Industrial Needs
--Tourism Collingwood
--Chamber of Commerce Resource
--Georgian Triangle Tourist Association Board of Directors
--Economic Developers Association of Canada Member
--Association of Municipal Clerks & Treasurers of Ontario Member
--Business Opportunity Identification
--Navigator for Government Programs - Federal & Provincial
--Marketing & Promotion Activities
--Sector Cluster Analysis
--Youth Conference
--Housing Resource Centre Chair
--2004 Community Profile
--Site Selector Quick Facts
--Collingwood Visitors Guide
--2004 Business Directory

Economic Development Officer, Catherine Durrant, continues to work with industry and businesses, addressing training, growth and retention issues as well as identifying new opportunities.