Exploring New Approaches to Economic Development

Exploring New Approaches to Economic Development

An Introduction to the ERC Transformative Practices Series

From Recovery to Reinvention

Across the country, economic development is shifting. Traditional models centered on jobs and capital are no longer sufficient to meet today’s challenges. Communities are searching for approaches that value resilience, equitable development, and local capacity. These approaches build not just stronger economies, but stronger places and stronger futures.

The Economic Recovery Corps (ERC) was created to meet this moment. Launched in 2023 through a $30 million cooperative agreement between the International Economic Development Council (IEDC) and the U.S. Economic Development Administration (EDA), in partnership with six national organizations, ERC places 65 Fellows in communities across 42 states and two U.S. territories. Fellows are supporting local organizations to accelerate recovery, unlock resources, and build durable strategies rooted in community priorities.

A Field in Transition

As Fellows and host organizations work together, new practices are emerging. Economic development looks less like a formula and more like a process. It is grounded in listening, local leadership, and long-term vision.

Some of the themes surfacing across the ERC network include:

  • Community-led design: strategies driven by local knowledge and leadership
  • Place-based and culturally grounded approaches: initiatives rooted in history, assets, and identity
  • Ecosystem building: solutions that strengthen connections across issues and sectors
  • Redistribution of voice and agency: shifting who has power to define priorities and share in outcomes
  • Commitment to long-term resilience: focusing on intergenerational impact, not just near-term wins

These are not abstract concepts. They are being tested and lived out every day in rural, urban, and tribal communities across the country.

What This Series Will Explore

This article launches a new series that will follow the work of ERC Fellows and host communities as they put these ideas into practice. Through upcoming features, we will share stories about:

  • Rural coalitions reshaping food systems and land stewardship
  • Indigenous communities designing economic strategies rooted in cultural and ecological knowledge
  • Cities rethinking infrastructure to include creativity, care, and belonging
  • Regional networks building new pipelines for entrepreneurs, workers, and small businesses
  • Partnerships unlocking millions in investment for housing, childcare, and broadband

Each story will provide a window into how communities are reimagining economic development and what we are learning about the possibilities and challenges of this evolving field of practice.

An Invitation to Learn Together

The purpose of this series is not to define what transformative economic development is, but to explore how it is unfolding in real time. ERC is uniquely positioned as a living laboratory because Fellows are embedded in communities across the country. Their placements create a two-way learning model. Fellows bring expertise to their host communities, and they also bring back lessons into the broader national network. This creates a feedback loop for the field.

Most importantly, these stories spotlight the innovation of local hosts. Fellows play a catalytic role by helping amplify, connect, and resource these bold community-led efforts.

We invite you to follow along as we share stories of innovation, resilience, and reinvention, and to join us in asking new questions about what economic development can and should be in the years ahead.

Learn more at www.EconomicRecoveryCorps.org
For stories or ideas, contact the ERC team at erc@iedc.org