Grappling with governance: Emerging approaches to build community economies

Economic development is evolving, where building the economy was once the largely purview of businesses and governments, increasingly, communities are taking action to build local economies that are more sustainable, equitable and inclusive. As community participation in local economic development increases, new, more collaborative governance models are beginning to emerge. This research leverages a community economies framework to explore the role of non-traditional, community actors in advancing local economic development. Building on the local, rural, and asset-based community development scholarship, this study aims to fill the gap in the literature through an empirical investigation into how one rural community, in Prince Edward County, Ontario, is developing a new governance structure to build a community-led economic development plan. Data for this research was collected through focus groups, key informant interviews and community conversations. Results highlight that when building the local economy, especially in rural communities, it is important to take an assets-first approach; leverage cross-sector partnerships; and experiment with innovative models to drive economic development. This research also illustrates the complexity of developing an alternative governance structure and offers perspectives on navigating the changing field of local economic development. •New approaches to economic development are more inclusive of community voices.•Emerging governing structures create spaces for experimentation.•Community led governance structures benefit from cross-sector collaboration.•Rural communities are innovating with new approaches to economic development.•A community wealth building approach to economic development keeps wealth circulating locally.