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Defining & Measuring Economic Development

Defining & Measuring Economic Development

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Defining & Measuring Economic Development

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  1. Defining & Measuring Economic Development Maryann Feldman University of North Carolina June 14, 2014

  2. Principles of the Approach • Data Intensive • Using third-party data sources, minimizes burden to service recipients or client firms • Evidence-Based Economic Development • Information in real time • Progress in building capacity • Increase understand • Local industrial activity • Gaps • Changes in capacity

  3. Challenges for Measurement • No Pure Treatment Effects • Selection effects • Complexity • Ecosystems • Emerging industries • Time Lags in Realizing Benefits • The Perils of Success

  4. UnderlyingLogic Model • Inputs are Investments & Programs - Activities • Capacity Outcomes • Community Capacity • Firm and Industry Capacity • Entrepreneurial Capacity • Innovative Capacity • Realized Outcome • Prosperity • High Quality of Life

  5. Methodology • 40 projects (2010 – 2011) • Identify Technology • NAICS ~ 25 % • Identify Policy Intervention • Identify Geography • Reality versus writing the proposal • Analyze Client Lists to settle technology & geography • Analyzed 14 Digital 3rd Party Metrics

  6. Beyond Jobs • Social Networks • Dealmakers • Private Investments • Mergers and Acquisitions • Public Offerings • Venture Capital Investment • New Firm Entry • Value Chain Augmentation • Regional Industry Vitality • Skills and Job Availability • Cluster Identity • SBIR Awards • New Federal Spending • Patents Trademarks

  7. Measurable Increases in Capacity

  8. Social Capital: Dealmakers

  9. Labor Force Analytics • Supply • Jobs posted • Wage rates • Skills Sought • Days job open • Demand • Job seekers • Skills available • Degrees/Training/Certification

  10. Value Chain Augmentation

  11. Regional Identity: 2010

  12. Regional Identity: 2010 & 2014

  13. Change Conversation • Data intensive Evidence Based Economic Development • Rather than ex post evaluation – these metrics will help • Better project planning • Fast pivots • Innovation and Entrepreneurship is a Means to an End • Not an end in itself • Better understanding your service area and the impact of your project helps you adjust programing to achieve results

  14. Thank you