Rural Economies

Keep Rural Real

Our recent clubhouse call on rural economies recognized that growth and change is happening throughout rural areas across North America, which is good.

We do however want to keep rural charm and character intact, while change continues to occur and grow rural economic opportunities.

The 3 C's

We learned about 3 C's in the conversation. Here they are.

Communication: In particular broadband. Rural communities need a great internet network to compete and grow. My belief is 50 mbps is no going to be enough. I would beg, borrow and steal my way to getting 1 gig downloads to my rural community however I could.

Capacity: As the economic nature and dynamics of the rural economy shifts and grows with technological changes the workforce needs to develop and grow as well. Up skilling, re skilling, new skilling, training, retraining are required to ensure the workforce or today and tomorrow can meet the needs of business and employment opportunities.

Capital: Businesses need access to capital. We need to make sure that capital is available on many levels, from small scale grants and loans to modest ones and to startup capital. It's imperative that we provide financial lubrication to businesses in rural area to help expand those economies.

Remote Work 

Not surprisingly, the topic of remote work came up as a result of COVID accelerating the trend of remote.

Increased demand to live and work in rural areas has increased demand for real estate and put upwards pressure on prices, which is less than ideal.

The good news is that for the most part people no longer need to live in the city and can work remotely. Even better, locals those from rural areas now have more opportunities available to them as a result of the world of remote work opening up.

With remote work people can stay in their communities, be close to friends and family and have more employment options available to them.

We do however need to increase capacity of the rural labour force by up-skilling, re-skilling and new skilling.

While all is not perfect or rosy for rural economies, with increased broadband, improved skills and the trend of remote work clearly on the rise. New opportunities are opening up.

Check this incredible article out!

https://www.weforum.org/agenda/2021/03/new-ireland-development-policy-will-transform-vacant-buildings-into-remote-workspaces/

Tech & Rural

Technology used to be thought of as an economic sector. I suggest that technology is ubiquitous. It's like oxygen, it's everywhere, in every part of our businesses. Did you know 60% of the cost of a Mercedes Benz is software! Arguably Mercedes is a software company not a car company. Not unlike Tesla, which really is a tech company.

Big ag uses technology in a big way, as I imagine small and medium sized ag uses quite a bit of technology. We can't escape it.

Therefore, if rural economies are going to grow, they need to invest in, create access to and embrace technology.

Let's promote technology growth in all its forms in small town and rural communities, so they can prosper and grow. 

While all is not perfect or rosy for rural economies, with increased broadband, improved skills and the trend of remote work clearly on the rise. New opportunities are opening up.

Rural Economic Development is a Lonely Profession

The topic of loneliness came up as a result of COVID and the nature of the role.

Rural Economic Development is usually a 1 person department. This is due to the size of the community, tax base and ability fund the activity.

We heard recently that while economic development professionals wear many hats, they are also on their own.

On top of that, economic development is so different from what the rest of municipal workers do that it can be a lonely profession. Economic development has a fluid definition and one that is often abstract, indirect and not well understood. It's hard for most people outside of the profession to truly understand what the work entails.

Thank goodness for Economic Development Associations, Linked In, other social media platforms and even our THE Ec Dec Network on clubhouse discussions.

These are places where economic development professionals can connect, bond with fellow colleagues, relate to each other and hopefully feel a bit less lonely.

About Dan Taylor: He is a strategic advisor and guide to those in the economic development and tourism profession, as well as to small business. 

He helps bring focus to their work and cuts through the clutter to save time and increase performance to take their work to the next level and create maximum impact for their communities and businesses. 

He specializes in rural, small and medium sized towns, counties, regions and businesses in North America and across the globe.

He is also the Economic Development Catalyst for the Town of Innisfil and can be contacted at [email protected]

Reach out for a FREE consultation to assess your situation and see if there is a fit. 

email: [email protected]

Linked In: https://www.dhirubhai.net/in/creatived...

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Twitter: @Cre8tiveDanT