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Community and Economic Development – Blog by UNC School of Government https://ced.sog.unc.edu Benchmarking High Performance Economic DevelopmentBy Jonathan MorganPublished November 6, 2012What are the characteristics of high performance economic development organizations? What do the top performers actually do to promote economic development? What types of activities do they emphasize? What outcomes do they measure? The topic of economic development performance measures is discussed in an earlier post. A recent report produced by Atlas Advertising provides some insight into these questions. The report is titled High Performance Economic Development: How Technology and Outcome-Based Metrics Will Save Economic Development Investment and Promotion as We Know It. The report is based on interviews with and surveys of economic developers from around the U.S. in an attempt to collect data on economic development activity and performance metrics. One goal of the report is to establish a baseline for gauging the performance of economic development organizations using four metrics:
The following table is an excerpt from the report that shows a baseline for measuring economic development performance based on a community’s population size:
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Published November 6, 2012 By Jonathan Morgan
What are the characteristics of high performance economic development organizations? What do the top performers actually do to promote economic development? What types of activities do they emphasize? What outcomes do they measure? The topic of economic development performance measures is discussed in an earlier post.
A recent report produced by Atlas Advertising provides some insight into these questions. The report is titled High Performance Economic Development: How Technology and Outcome-Based Metrics Will Save Economic Development Investment and Promotion as We Know It. The report is based on interviews with and surveys of economic developers from around the U.S. in an attempt to collect data on economic development activity and performance metrics. One goal of the report is to establish a baseline for gauging the performance of economic development organizations using four metrics:
- Website unique visits
- Conversations (defined as discussions with prospective, existing or entrepreneurial companies who are expanding or relocating)
- Jobs announced in the community
- Capital investment announced in the community
The following table is an excerpt from the report that shows a baseline for measuring economic development performance based on a community’s population size:
|
Population |
Yearly Web Visits |
Conversations Past 12 Months |
Jobs Last 12 Months |
Capital Investment Last 12 Months |
|
Less than 25,000 |
6,926 |
25 |
83 |
$23,738,889 |
|
25,001 to 100,000 |
9,075 |
68 |
469 |
$59,606,630 |
|
100,001 to 250,000 |
19,016 |
89 |
1,243 |
$260,039,168 |
|
250,001 to 1,000,000 |
47,619 |
462 |
2,083 |
$321,698,824 |
|
1,000,001 to 2,500,000 |
105,051 |
280 |
5,616 |
$798,839,772 |
|
Over 2,500,000 |
58,740 |
130 |
10,496 |
$457,858,333 |
|
Average for All Sizes |
29,181 |
148 |
1,768 |
$244,629,502 |
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