Media Release: May 5, 2022
The international event will highlight local efforts to increase the quality of life in every community over the course of May 9 – 13, 2022
[Peterborough, ON] Peterborough & the Kawarthas Economic Development marks the week of May 9 to May 13, 2022, as the next Economic Development Week. During this week, communities across North America will celebrate and recognize the contributions made by professional economic developers to create more economically vibrant and livable communities.
Created in 2016 by International Economic Development Council (IEDC), the largest international professional trade association for economic developers, Economic Development Week aims to increase awareness of local programs that create jobs, advance career development opportunities, and improve the quality of life in communities everywhere.
“Economic developers play essential roles in promoting the economic health and vitality of their communities — a fact that has only been proven further by the events of the past two years,” says IEDC President & CEO Nathan Ohle. “The 2022 Economic Development Week will serve to recognize, honor, and celebrate the ingenuity and leadership practitioners have shown in working to create a more equitable and prosperous future for everyone.”
In Peterborough & the Kawarthas, economic development activities are championed by Peterborough & the Kawarthas Economic Development (PKED), the lead regional economic development agency contracted to conduct core economic development activities on behalf of the City of Peterborough and Peterborough County, which includes eight rural townships. PKED’s offices are located at 270 George Street North in the Venture North building which is a business hub for entrepreneurs, economic development, and tourism in downtown Peterborough.
- Peterborough & the Kawarthas Tourism which is the region’s official Destination Marketing Organization and operates the Visitor Centre located at 270 George Street North in downtown Peterborough
- The Peterborough & the Kawarthas Business Advisory Centre which is the region’s Small Business Enterprise Centre, one of 54 locations in Ontario’s Small Business Enterprise Network.
PKED’s team of economic development experts strives to identify growth opportunities for the region and attract new companies and visitors by highlighting the region’s competitive advantages. Leaders from Peterborough & the Kawarthas business community serve on PKED’s Board of Directors, who oversee and govern the not-for-profit corporation.
“Economic development is a team sport,” said Rhonda Keenan, PKED’s President & CEO “Our staff and board work closely with many partners to ensure that Peterborough & the Kawarthas continues to thrive as an irresistible place to live, work, invest, study and visit.”
In an effort to better educate local stakeholders, politicians, business owners, and residents, PKED created a new Programs & Services Guide which aims to clarify the complex nature of economic development and to ensure the community is more aware of the complementary programs and services that are offered to businesses, investors and visitors through the support of local municipalities. PKED also recently launched a new and improved economic development website which can be found at www.investptbo.ca
To view PKED’s new Programs & Services Guide visit: www.investptbo.ca/pked-programs-services-guide
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What is Economic Development?
In simple terms, economic development seeks to improve the economic well-being and quality of life of a community by creating and retaining jobs and providing a stable tax base. It is about investing in growing the local economy through effective programs, policies, and activities to improve residents’ economic well-being, prosperity, and quality of life.
Locally, it’s about allocating limited resources (such as land, capital, and labour) in a way that will positively affect the levels of business activity, employment, income distribution, and wealth. It is about taking deliberate actions by governing bodies (City, County, Townships) to influence the decisions of private sector investments toward opportunities that can lead to sustainable economic growth, under guidance from Provincial and Federal policies and requirements.
Economic development programs aim to:
- Help existing local businesses solve problems that would cause them to fail, close, or move away.
- Help local businesses expand and grow.
- Work with regional organizations to prepare residents for available careers, connect businesses to skilled workers, and build the pipeline of future workers in the community.
- Help entrepreneurs, solopreneurs, and small businesses start-up and access the resources they need to succeed.
How Does Economic Development make a difference in the community?
- Bring new businesses to the region and promote the community as a location for economic activity.
- Employer payroll flows through the local economy, supporting retailers, restaurants, and service providers.
- An expanded and diversified tax base helps tax rates for residents.
- Growing more pathways and supports to better jobs, give people dignity, choice, and the means to support themselves and their families.
- Community improvements, in neighbourhoods throughout the region, create vibrant places where people want to visit, live, work, play, study, and invest.