Module 2 'Introduction to the Local Economy Assessment'  presents the local economy assessment as part of the LED strategic planning process. As a core component of any LED strategic plan, the local economy assessment provides those devising LED strategy with information and data to examine and forecast key factors that drive and affect the local economy. A local economy assessment can identify local economic strengths, weaknesses, opportunities and threats, and can provide an opportunity to engage the local business community in the LED strategic planning effort.

Module 2 provides participants with an understanding of how to assess and interpret the internal and external economic circumstances of the community, to inform the local economy assessment. It encourages participants to understand the nature of their local economy, its competitive advantage and economic position, using a SWOT (strengths weaknesses, opportunities, threats) analysis. The module enables participants to identify and project future trends and issues for LED strategy development, and determine appropriate policy responses that build LED opportunities.

Module 2 provides guidance on how to bring LED stakeholders to consensus, an important skill when determining the critical issues that form the basis of an LED strategy. The module concludes with a series of planning for implementation tasks including data collection and analysis, local economy assessment reporting, undertaking a SWOT analysis and defining the critical issues that determine the strength of the local economy.

Module 2 Learning Objectives: