Using Analyst’s Input-Output Scenario report you can predict the expected impact of a business loss or gain in your community in terms of jobs, sales, or wages, and how that event would impact other industries regionally. It gives you the ability to “shock” an economy and measure the impacts.
It also gives you the predictive ability to see:
The effect of a new company locating in the local regional economy,
The effect of adding jobs to an existing industry sector (such as a major company expansion)
The effect of losing a company/losing jobs from the local regional economy
For example, if we wanted to understand the impact of an animal feed mill’s in rural Ontario. We would go through the following steps to get the information that will help us understand the impacts.
The Ontario Ministry of Agriculture, Food, and Rural Affairs – in partnership with Economic Modeling Specialists International (EMSI) – is excited to announce the addition of a Canadian version of their Input-Output Modelling tool in Analyst.
I’m finding that with the Olympics taking place, there is a lot of talk about global economic trends and the potential financial impacts making the rounds at the local coffee shop. Will your community be affected? You might be thinking “How can I get started on answering this question and still get away from the office?” Simple, book an appointment and ask Analyst, EMSI Analyst.
Get to know our staff. We are profiling them here so you can get to know who can help you grow your ideas.
What is your role in the Regional Economic Development Branch?
As an Economic Development Specialist, my role is to lead and develop economic development programs for the province’s rural municipalities. At the moment, I am the program lead for both the Downtown Revitalization (DR) program and the Economic Development Analysis Resources (EDAR) program (home to the Ministry’s Analyst tool). At times, this might include delivering program-specific training or offering technical assistance to communities in each of these program areas, but I mostly work with our excellent group of Agricultural and Rural Economic Development Advisors to assist communities with their key economic development challenges. Being based in the Guelph office of Ontario’s Ministry of Agriculture, Food and Rural Affairs, I am lucky enough to have the responsibility to assist communities across the province with the implementation of these programs, so you never quite know where I might show up.
What initiatives or projects are you currently working on?
Data plays a number of roles in effective economic development. The Ontario Ministry of Agriculture, Food, and Rural Affairs – in partnership with Economic Modeling Specialists International (EMSI) – has offered Ontario’s economic development community access to a full range of data to support regional analysis, strategic planning, and monitoring in a free, user-friendly tool called ‘Analyst’ since 2013. EMSI has recently developed a new version of that flagship tool to improve the user’s ability to find, assess, and report on regional economic data. Improvements focus on five key areas: Continue reading Improving the Analyst User Experience→
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 strategies
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 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→
Regional Economic Development Branch blog focusing on agriculture and rural economic development for Ontario