Economic Development Strategy and Action Plan - Perth County

economic growth and prosperity of cities and regions. The implications for economic and business policyare significant.Whereas a traditional approach to investment attraction was primarily a function of a jurisdictionalcost/benefit package centred on taxes, land development costs, and linkages to markets, growth in thenew economy emphasizes the quality of place attributes that attract people, which in turn drive growth.This difference is illustrated in the following diagram.Figure 9 – Traditional vs. New Economy ApproachWhile there remains significant debate in both the theory and practice of economic development on thequestion of whether people are more likely to follow jobs than jobs are to follow people, it is clear that anemphasis on new economy infrastructure can be an important differentiator for a community. This isespecially true in the case where traditional site selection tools are homogenous across regions and offerlittle added value to prospective residents and businesses.Ultimately, as Richard Florida has argued in his book Who’s Your City, certain places have differentappeals for different people, depending on a variety of characteristics; age, marital and family status,income and education among them. For example, Perth County has an aging population, as do manyother communities; according to projections by the Ontario Ministry of Finance, the population aged 65and over is expected to more than double from 2006 through 2031. There is research to suggest thatsmaller communities with vibrant cultural environments often have greater appeal for seniors and retireesthan purely rural or urban communities.Half of the wealth in Canada is in the hands of the 50+ age group. Perth County may be well positionedas a destination for this demographic. Overall, a key task for Perth County will be to uncover the optimalmix between its demographic profile, new economy assets, and business development priorities togenerate a cohesive approach to economic development and labour market planning.The following assessment examines the Region’s new economy; those assets and qualities of place thatmake a community a viable and creative place that will attract and retain residents.Information and Education InfrastructureThe two school boards have primary responsibility for delivering public education in Perth County: theAvon-Maitland District School Board and the Huron-Perth Catholic District School Board. In total, therePerth, St. Marys and Stratford Economic Development Strategy and Action Plan 30 | P age