Economic Development

Background

The targeting of industries for strategic economic development is not an easy task, much less with the added complexity of collecting and analyzing the data necessary for a complete and thorough job.  Additionally, staff time could be more productive by spending time on specific research rather than the
collection and basic analysis of data. 

With over 10 years of direct experience in the development of local economic data,  research, and index production, as well as extensive work on times series analysis  and forecasting, Vantage Economics has developed the Vantage Database on Economic Competitiveness (“VDEC”), a “one-stop-shop” for local economic developers needing timely, comprehensive data and analysis. 

This database provides cutting edge analysis for Economic Development Agencies and Corporations which moves beyond conventional definitions in order to meet the demands of more comprehensive analysis. 

Competitive Analysis

Each industry within a given area is analyzed across 5 dimensions of competitiveness:

1. Firm Competitiveness:  Answers the question: what is the average number of jobs each firm employed in the industry in question in your area relative to the national average in 2009?

2. Comparative Advantage:  Answers the question: which industries in your area carry the highest levels of employment concentration relative to the national average?

3. Wage Competitiveness: Answers the question: does this industry in your area pay more or less than the national average wage in the same industry?

4. Industry Growth Competitiveness: Answers the question: is employment in the industry in question in your area outperforming or unde- performing the national average growth rate for this industry?

5. Employment Growth Competitiveness: Answers the question: how much has employment grown or contracted in the industry in your area for the period 2001 - 2009?

This analysis includes industry standards (such as relative employment concentrations (location quotients), shift-share analysis, cluster analysis, etc.),
but also includes new, cutting edge analysis:

• Wages for new employees (limited availability)
• Demographic data on employees
• Quality of life index
• Industry trend analysis which identifies newly competitive industries
• And more...

Monitoring

The development of this database is being done with a broad scope in mind. With access to this database, one will have the following capabilities:  the
ability to quantify and establish long-term development objectives (i.e.identify trends, match government, citizen, and economic goals, develop
sustainable growth, etc.), the development and identification of benchmarks (how is my area performing relative to others, not just regionally but also
nationally), and the interim monitoring of long-term objectives (is your area on the correct path towards its long-term objectives?).

Contact us for more information.