This section elaborates on the current condition and trends of the economy. The economic profile establishes a base understanding of the major economic sectors, employment opportunities and key organizations at work in the jurisdiction’s economy.
Analysis of Major Economic Sectors
It is important to identify and evaluate the major economic sectors of each jurisdiction, with evaluation driven by local knowledge. Also, seek data measurements that can fuel the analysis of major economic sectors for each jurisdiction.
An analysis of the overall workforce provides an understanding of local needs and conditions. The following data measurements are a good place to start when describing the current workforce and assessing present and future workforce needs. These data also provide information that can help ensure an equitable economic development effort. Moreover, including an assessment of commuting trends will help policy makers ensure that a jurisdiction not only has the right jobs, but also that those jobs are placed right. Finally, it is important to connect with the local Workforce Investment Board (WIB) during the planning stage, which can improve coordination during plan implementation.
To better understand which types of employment to retain and attract, it is helpful to analyze local market conditions or trends. Which industries are beginning to thrive at a local level? Observing employment data over time can reveal trends. One way to separate local phenomena from national trends is a shift share analysis. However, this analysis is highly dependent on the time periods used, and thus have limited interpretive value.
Current Economic Policy Plans, Organizations, and Implementation
An inventory of current economic policy plans, organizations and implementation efforts can help guide the economic development element. How well do current economic policies and plans work? Are the relevant organizations involved in the planning process? What improvements can be made to implementation of economic development strategies? Jurisdictions tailor the inventory to fit their needs, but some consistent elements include:
- Progress under previous economic development plan or element
- Support for State’s target industries and local target industries
- Key economic development organizations
- Strategic plans of key organizations
- Major economic development projects
- Existing programs & incentives
- Marketing efforts of the jurisdiction
- Tri County Council plans
- Municipal economic development plans
- Local Economic Development Organizations
- State Coordination