Exploring Your Region’s Economic & Demographic Foundation Exploring Your Region’s Economic & Demographic Foundation Module Two

Session Overview Examine the current economic development strategies being pursued within the region’s communities or counties Explore the region’s demographic and workforce features Deliverable: Assessment of the region’s strengths and concerns HQP: Prepare a summary of key findings

Producing a High Quality Plan: The Essential Components Evidence- Based Focused on Regional Economic Development Aligned with Vision & Goals Broadly Supported Practical Team’s Regional Plan

DEFINING ECONOMIC DEVELOPMENT: PROCEED WITH C.A.R.E.

Elements of Economic Development Economy System for meeting the needs and wants of people in a particular geographic area Development Improvement in the well-being of residents in a particular geographic area Economic Development An expansion of the economic base through efficient allocation and use of available resources GOAL: An improved quality of life for people in the region Source: Barta, et al., 2010

The C.A.R.E. Model Creation Encourage the formation of new businesses in the region Attraction Recruit industries or businesses to the region Retention Maintain or strengthen existing firms in the region Expansion Encourage the growth of existing firms in the region C.A.R.E.

Group Activity Categorize activities using the C.A.R.E. model Identify common activities, major differences Examine the balance between activities in each component of the C.A.R.E. model

EXPLORING THE DEMOGRAPHIC FEATURES OF YOUR REGION

Major Demographic Characteristics For more data, go to: CategoryKey Variables of Interest Population  Population Size  Gender  Race & Ethnic Composition  Age Structure  Components of Population Change  Population Projections Household & Housing  Number of Households  Persons Per Household  Type of Households  Housing Tenure Education & Income  Educational Attainment  Geographic Mobility by Education  Median Household Income  Persons in Poverty Health  Mortality – Length of Life  Morbidity – How Healthy People Feel

Data Analysis Options Cross-sectional – look at data at one point in time Comparative – examine data in your county relative to other counties Longitudinal – focus on changes in the data over time

What to Look for Conditions the data describe Direction of change Intensity of change Comparison of counties in the region Overall picture the data paint

Your Turn – Dig In!

 Skilled/unskilled  Labor force participation rate  Unemployment rate  Occupation mix  Experience/age Your Region’s Workforce

Identifying Skills in the Region / INSERT YOUR REGION’S CHART LIKE THIS EXAMPLE HERE

Evidence Based: What Matters Most for the Regional Plan Concerns Assets Significant trends Other

Looking Ahead: Module Three Investigate the region’s economic advantage Explore regional data to identify regional industrial clusters Deliverable: Select industry clusters for further exploration HQP: Draft a rationale for industries selected

Preparing for Module Three

Final Thoughts Anything need clarification? SET contact persons:  Extension Service:  State USDA RD: