defining & measuring economic development

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

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Defining & Measuring Economic Development. Maryann Feldman University of North Carolina June 14, 2014. Principles of the Approach. Data Intensive Using third-party data sources, minimizes burden to service recipients or client firms Evidence-Based Economic Development - PowerPoint PPT Presentation

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Page 1: Defining & Measuring  Economic Development

Defining & Measuring Economic Development

Maryann Feldman University of North

Carolina

June 14, 2014

Page 2: Defining & Measuring  Economic Development

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 understandLocal industrial activity

Gaps

Changes in capacity

Page 3: Defining & Measuring  Economic Development

Challenges for Measurement

No Pure Treatment Effects

Selection effects

Complexity

Ecosystems

Emerging industries

Time Lags in Realizing Benefits

The Perils of Success

Page 4: Defining & Measuring  Economic Development

UnderlyingLogic Model

Inputs are Investments & Programs - Activities

Capacity OutcomesCommunity Capacity Firm and Industry Capacity Entrepreneurial Capacity Innovative Capacity

Realized Outcome Prosperity High Quality of Life

Page 5: Defining & Measuring  Economic Development

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

Page 6: Defining & Measuring  Economic Development

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

Page 7: Defining & Measuring  Economic Development
Page 8: Defining & Measuring  Economic Development

Measurable Increases in Capacity

Page 9: Defining & Measuring  Economic Development

Social Capital: Dealmakers

Page 10: Defining & Measuring  Economic Development

Labor Force Analytics

Supply Jobs posted Wage rates Skills

Sought Days job

open

Demand Job seekers Skills

available Degrees/

Training/Certification

Page 11: Defining & Measuring  Economic Development

Value Chain Augmentation

Page 12: Defining & Measuring  Economic Development

Regional Identity: 2010

Page 13: Defining & Measuring  Economic Development

Regional Identity: 2010 & 2014

Page 14: Defining & Measuring  Economic Development

Change ConversationData 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

Page 15: Defining & Measuring  Economic Development

Thank you