How can you tailor urban economic development strategies to local needs?

1 Assess local assets and needs

Before you can plan any urban economic development strategy, you need to understand the current situation and potential of your city. This involves conducting a comprehensive assessment of the local assets and needs, such as the physical infrastructure, human capital, natural resources, cultural diversity, market demand, institutional capacity, and social capital. You can use various methods and tools to collect and analyze data, such as surveys, interviews, focus groups, mapping, benchmarking, and SWOT analysis. The assessment should also involve engaging with a wide range of stakeholders, such as local residents, businesses, civil society, academia, and government, to gather their perspectives and feedback.

2 Define a vision and goals

Based on the assessment, you can define a clear and shared vision and goals for your urban economic development strategy. A vision is a statement that describes the desired future state of your city, while goals are specific and measurable outcomes that support the vision. For example, your vision could be to become a resilient and innovative city that offers high-quality jobs and services to all, and your goals could be to increase the employment rate, diversify the economic base, enhance the urban environment, and reduce poverty and inequality. Your vision and goals should reflect the local needs and aspirations, as well as align with the broader regional and national policies and frameworks.

3 Identify and prioritize actions

Once you have a vision and goals, you need to identify and prioritize the actions that will help you achieve them. Actions are the concrete steps or interventions that you will implement to address the local needs and leverage the local assets. For example, some actions could be to improve the public transport system, support entrepreneurship and innovation, promote cultural and creative industries, attract foreign direct investment, or strengthen social protection and inclusion. You can use various criteria and methods to prioritize the actions, such as the feasibility, impact, cost, urgency, and stakeholder support.

4 Allocate resources and responsibilities

After you have prioritized the actions, you need to allocate the resources and responsibilities for their implementation. Resources are the financial, human, and material inputs that you will need to carry out the actions, such as funding, staff, equipment, or land. Responsibilities are the roles and tasks that you will assign to different actors or organizations, such as the government, private sector, civil society, or academia. You can use various instruments and mechanisms to allocate resources and responsibilities, such as budgets, contracts, partnerships, or incentives.

5 Monitor and evaluate progress

Finally, you need to monitor and evaluate the progress and impact of your urban economic development strategy. Monitoring is the process of collecting and analyzing data on the performance and results of the actions, such as the outputs, outcomes, and impacts. Evaluation is the process of assessing the relevance, effectiveness, efficiency, sustainability, and equity of the actions, as well as the lessons learned and recommendations for improvement. You can use various tools and indicators to monitor and evaluate the progress, such as dashboards, reports, surveys, or case studies. You should also involve the stakeholders and beneficiaries in the monitoring and evaluation process, to ensure their feedback and participation.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?