Defining & Measuring Economic Development 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 Information in real time Progress in building capacity Increase understand Local industrial activity Gaps Changes in capacity
Challenges for Measurement No Pure Treatment Effects Selection effects ComplexityEcosystems Emerging industries Time Lags in Realizing Benefits The Perils of Success
Underlying Logic 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
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 3 rd Party Metrics
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
Measurable Increases in Capacity
Social Capital: Dealmakers
Labor Force Analytics Supply Jobs posted Wage rates Skills Sought Days job open Demand Job seekers Skills available Degrees/Trai ning/Certific ation
Value Chain Augmentation Value Chain Augmentation
Regional Identity: 2010
Regional Identity: 2010 & 2014
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
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