The document discusses the importance of data in economic development, emphasizing data collection, analysis, and dissemination best practices. It identifies key factors for business location decisions and reasons for company relocations, highlighting challenges in data quality and age. Additionally, it outlines resources for data gathering and the role of effective communication in presenting data to stakeholders.

1. How to Stand Out
From the Pack

2. Goals Today
Big Picture
Challenges of Data
Data Collection
Data Analysis
Data Dissemination
Best Practices

3. What do you do?
JOBS!
– Retention
– Expansion
– Creation (Entrepreneurship)
– Recruitment

4. 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)

5. What Data Do I Use?
Focus
on
Workforce

6. What Data Do I Use?
Top Factors Considered in New Location:
1 – Availability of Skilled Labor
2 – Highway Accessibility
3 – Labor Costs

7. What Data Do I Use?
Top Reasons Businesses Leave a Region:
1 – High Taxes
2 – Labor Costs
3 – Availability of Skilled Labor

8. What are the Challenges of Data?
Quality (suppressed, existence, survey)

9. Challenges of Data - Quality

10. What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)

11. Challenges of Data - Age

12. Challenges of Data - Age

13. What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile

14. What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile
Interpretation

15. Challenges of Data - Interpretation

16. What are the Challenges of Data?
Quality (suppressed, existence, survey)
Age (is it too old?)
Time to Compile
Interpretation
Communication

18. What are the Challenges of Data?
Data Collection
Data Analysis
Data Dissemination

19. Guidelines to Follow
Who’s your audience?
How will they receive this?

20. 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!

21. Data Collection – Where do I look?
Cornell University
Institute for Social and Economic Research
“Internet Data for Social Scientists”

22. Data Collection – Where do I look?

23. 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

24. 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.

25. 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

26. Data Analysis – What does it mean?
Reactive
Proactive

27. Data Analysis – Reactive
Reactive Research:
- Request for Information (RFIs)
- Local Business Requests
- Legislative Information
- And much more…

28. Data Analysis – Reactive
Reactive Research:
- IEDC Site Selector Template
- Business Information Request Form

30. Data Analysis – Proactive
Strategy Decisions:
- Finding Driver Industries

32. Data Analysis – Proactive
Strategy Decisions:
- Finding Driver Industries
- Regional Leakage

37. Data Analysis – Proactive
Strategy Decisions:
- Finding Driver Industries
- Regional Leakage
- Supply Chain Analysis

39. Data Analysis – Proactive
Strategy Decisions:
- Finding Driver Industries
- Regional Leakage
- Supply Chain Analysis
- Business Recruitment

41. !
Business Recruitment Top Targets:
Aircraft Engine and Engine Parts Manufacturing
for Seattle-Tacoma-Bellevue, WA

42. Data Analysis – Proactive
Finding Differentiators
- What makes your region unique?
- National comparisons
- International perspective

43. Data Dissemination
Information NOT Data

44. 500 Jobs, Avg Wage of $48,000

45. Data Dissemination
Getting Buy-In

46. Fond du Lac, WI
Mercury Marine: -1,900 jobs
Data Dissemination

47. 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

48. “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

49. Data Dissemination
Marketing
- A quality web presence

52. Data Dissemination
Marketing
- A quality web presence
- Marketing materials

54. Data Dissemination
Marketing
- A quality web presence
- Marketing materials
- Consistency

55. EMSI as a Resource

56. EMSI as a Resource
www.economicmodeling.com/blog

57. EMSI as a Resource

58. John Pernsteiner
Senior Account Manager
John.Pernsteiner@EconomicModeling.com
208-904-4520