1. Defining & Measuring Economic Development 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 ComplexityEcosystems Emerging industries Time Lags in Realizing Benefits The Perils of Success

4. 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

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 3 rd 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

8. Measurable Increases in Capacity

9. Social Capital: Dealmakers

10. Labor Force Analytics  Supply  Jobs posted  Wage rates  Skills Sought  Days job open  Demand  Job seekers  Skills available  Degrees/Trai ning/Certific ation

11. Value Chain Augmentation Value Chain Augmentation

12. Regional Identity: 2010

13. Regional Identity: 2010 & 2014

14. 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

15. Thank you