How to stand out from the pack - Part 2

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