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How to Stand Out From the Pack
Goals Today Big Picture Challenges of Data Data Collection Data Analysis Data Dissemination Best Practices
What do you do? JOBS! – Retention – Expansion – Creation (Entrepreneurship) – Recruitment
How Can Data Help? -Research -Evidence -Performance Metrics
-50% of city-level EDOs do not have performance metrics and 30% of all economic development organizations overall don’t. (Source: IEDC)
What Data Do I Use?
Focus on
Workforce
What Data Do I Use? Top Factors Considered in New Location:
1 – Availability of Skilled Labor
2 – Highway Accessibility
3 – Labor Costs
What Data Do I Use? Top Reasons Businesses Leave a Region:
1 – High Taxes
2 – Labor Costs
3 – Availability of Skilled Labor
What are the Challenges of Data?
Quality (suppressed, existence, survey)
Challenges of Data - Quality
What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Challenges of Data - Age
Challenges of Data - Age
What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile
What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile
Interpretation
Challenges of Data - Interpretation
What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile
Interpretation
Communication
What are the Challenges of Data?
Data Collection
Data Analysis
Data Dissemination
Guidelines to Follow
Who’s your audience?
How will they receive this?
Data Collection – Where do I look?
US Census – ACS, QWI Bureau of Labor Statistics – QCEW, CPI, LAUS Bureau of Economic Analysis OnTheMap Occupational Information Network (O*NET) Federal Reserve Economic Data (FRED) And many more!
Data Collection – Where do I look?
Cornell University Institute for Social and Economic Research “Internet Data for Social Scientists”
Data Collection – Where do I look?
Data Collection – emsiDeveloper Detailed – Industries, occupations, demographics, wages, skills, program completions, and much more
Comprehensive – Over 90 federal and state data sources (plus job postings and business listings) brought together for quick analysis
Current – Updated four times per year by our team of full-time data analysts
Regional – Available for any county or any zip code in the United States
Accessible – Built into simple web-based tools so you can tap into the data quickly and efficiently
Data Collection – emsiDeveloper
“It would take me two or three – maybe four – times as long if I had to go to all the different government websites, so it’s nice to have one place to find all the data.” -Brandt Siegel, The Right Place, Inc.
Data Collection – emsiDeveloper
“Because we have EMSI, we can be lean and responsive. It really allows us to use our human capital in other places. We don’t need 10 researchers on staff.” — Courtney Taylor, Center for International Business and Economic Development at Troy University
Data Analysis – What does it mean?
Reactive
Proactive
Data Analysis – Reactive
Reactive Research: - Request for Information (RFIs) - Local Business Requests - Legislative Information - And much more…
Data Analysis – Reactive
Reactive Research: - IEDC Site Selector Template - Business Information Request Form
Data Analysis – Proactive
Strategy Decisions: - Finding Driver Industries
Data Analysis – Proactive
Strategy Decisions: - Finding Driver Industries - Regional Leakage
Data Analysis – Proactive
Strategy Decisions: - Finding Driver Industries - Regional Leakage - Supply Chain Analysis
Data Analysis – Proactive
Strategy Decisions: - Finding Driver Industries - Regional Leakage - Supply Chain Analysis - Business Recruitment
!
Business Recruitment Top Targets:
Aircraft Engine and Engine Parts Manufacturing for Seattle-Tacoma-Bellevue, WA
Data Analysis – Proactive
Finding Differentiators - What makes your region unique? - National comparisons - International perspective
Data Dissemination
Information NOT Data
500 Jobs, Avg Wage of $48,000
Data Dissemination
Getting Buy-In
Fond du Lac, WI
Mercury Marine: -1,900 jobs
Data Dissemination
Fond du Lac, WI
Mercury Marine: -1,900 jobs -5,900 jobs in one county
-8,000 jobs in the 7 county region
Data Dissemination
“I think it (the impact numbers) allowed the community to rally around something…Before, everyone knew that Mercury was important to
the community, but I think it was a little bit shocking and it provided people with something
real to get their arms around.”
-Brenda Hicks- Sorenson, FCEDC President
Data Dissemination
Data Dissemination
Marketing - A quality web presence
Data Dissemination
Marketing - A quality web presence - Marketing materials
Data Dissemination
Marketing - A quality web presence - Marketing materials - Consistency
EMSI as a Resource
EMSI as a Resource
www.economicmodeling.com/blog
EMSI as a Resource
John Pernsteiner Senior Account Manager
[email protected] 208-904-4520