All posts by Michael Florio

Economic Development Specialist focusing on economic analysis.

3 Ways Data can Support Economic Development

As I stated in my last blog post “Effective Economic Development Requires Data”, data is critical to understanding the local and regional economy. Expanding on that point, there are three main areas where data supports economic development.


Use data to inform economic development strate
gies

hastings county
Hastings County 2014 Situation Analysis Report

Data can help identify a region’s most important economic assets and conditions. The ability to identify these is important for making informed decisions about what industries to focus on for retention, recruitment, or start-up. This can also help get diverse stakeholder groups onto the same page. As a result, strategies built on data are more likely to stand the test of time because they are designed based on a commonly held set of facts, rather than being based on perception. Continue reading 3 Ways Data can Support Economic Development

Effective economic development requires data

Effective economic development requires an understanding of the local and regional economy. No one I know would argue this (especially not economic development practitioners). Data is critical to understanding the local and regional economy.

For example: Norfolk County is where I grew up and still frequently visit. Norfolk  is a single tier municipality located on the north shore of Lake Erie (famous for its Friday the 13th biker rallies). Today Norfolk has a population of approximately 65,000 people. Continue reading Effective economic development requires data