VALLEY REN: Insights on economic development in the Valley Region
Economic development has become one of the most commonly used buzzwords.
Whether the discussion is about tariffs, affordability, labour shortages, housing, population growth, or competitiveness, conversations inevitably lead back to the economy. Despite its growing prominence in boardroom and kitchen table conversations alike, economic development still remains widely misinterpreted.
In fact, this very topic was a major discussion point at last month’s Economic Developers Association of Canada‘s (EDAC) National Conference. EDAC’s recent State of the Profession report found that nearly half of economic developers feel their roles and functions are misunderstood, even as the importance of their work continues to grow.
So, what exactly is economic development? Who is responsible for it? And how does it influence our daily lives?
These questions are especially important as communities navigate change and uncertainty. The Atlantic Economic Panel’s recent Bolder Ambitions report identified economic literacy as a key recommendation, emphasizing the need to help citizens better understand the choices that shape their communities and future prosperity. At Valley REN, we couldn’t agree more, which is just one of the many reasons we want to write this new monthly column.
At its core, economic development is about improving a community’s economic well-being and quality of life. A fairly simple and straightforward mandate? Not quite.
Economic development is about creating the conditions for communities and businesses to thrive. It’s a complex process. The factors that influence economic success are interconnected, so economic development extends far beyond just business supports. It can touch housing, workforce development, immigration, transportation, tourism, infrastructure, health care, education, and community planning.
Rather than one single project or organization, economic development is a system of activities that helps communities adapt, remain resilient, and prosper. As such, the activities undertaken by economic development organizations can look somewhat different in every community or region.
One of the most common misconceptions is that economic development organizations directly create jobs or determine whether businesses succeed or fail.
When a business expands, hires employees, or invests in equipment, those decisions are ultimately made by business owners. Economic development organizations, however, help make those decisions easier by ensuring the right information, supports, and connections are available when needed.
At Valley REN, for example, our work includes initiatives such as the Connector Program and our new Labour Market and Immigration Advisory Service, which help attract and retain our region’s workforce. We also maintain a regional site selector tool that provides information on available commercial properties, land, and regional demographics, helping businesses make informed decisions about growth and expansion. We provide the tools to support business success.
Essentially, the goal is not to control outcomes, but to strengthen the environment that supports them.
Another reason economic development can be difficult to define or easily understand is the number of organizations involved in this work.
At the local level, business associations and business improvement organizations typically support specific commercial areas through marketing, beautification, and events. Chambers of commerce advocate for members’ interests, provide networking and professional-development opportunities, and promote their member businesses. CBDC’s provide lending and business development training.
Municipal governments and First Nations contribute to economic development through land-use planning, infrastructure, housing, recreation, and community development; all essential infrastructure to support the kind of communities where people want to live.
Regionally, Valley REN serves as a “team” co-ordinator, bringing government partners, industry, service providers, and investors together around shared priorities that extend beyond municipal borders. We help connect businesses with the programs, resources, and workforce they need to grow and succeed. We also convene partners, identify funding opportunities, and co-ordinate regional data and resources to turn regional economic opportunities into action.
Why do this at a regional level? Because economic activity doesn’t stop at municipal boundaries. Businesses draw customers, workers, and supply chains from across the region. People may live in one community, work in another, and access services throughout the Valley. Economists refer to this as a functional economic zone: an area connected by shared economic activity. In our case, that region stretches from West Hants to Bear River and represents Nova Scotia’s second-largest economic region.
Provincial organizations such as Invest Nova Scotia support investment attraction and export development, while ACOA provides funding programs and strategic investments from a federal level.
Post-secondary institutions, realtors, business brokers, and lending institutions also play important roles in our region’s economic ecosystem. Strong local economies are most often the result of effective co-ordination and alignment among businesses, communities, support organizations, and governments.
Have a question about economic development? Let us know. A deeper understanding of our economy helps us make more informed choices about the kind of Annapolis Valley we want to build.
Emily Boucher is the chief executive officer of the Valley Regional Enterprise Network. She can be reached at eboucher@valleyren.ca.
Originally reported in SaltWire Annapolis Valley.
