Article
Data-driven economic development strategies for future project success
Nov. 16, 2020
Today’s challenging and evolving economic situation makes it particularly important for communities to have access to economic and market data that will allow them to understand what’s happening in their local economies and take steps to plan for the future. Baker Tilly works with our clients to provide access to and analysis of these key datasets so that they may develop data-driven strategies as well as educate elected officials and taxpayers with a quantitative evaluation of decisions, strategies and investments. Planning for resiliency and growth in complex economic development landscapes is at the forefront of the work that we do with economic development organizations.
Demographics and economic indicators
Before a community can dive into complex analyses of potential investments or growth strategies, they must first have a foundational understanding of demographics and economic trends that are affecting the local economy. By assembling these conventional data sets, economic development professionals can communicate economic and demographic realities and help local leaders better understand the forces current shaping the local economy.
We work with our clients to create snapshots of their local economic situation, including demographics, economic trends, industry analysis and workforce dynamics. Much of this data can be accessed using traditional data sources such as the U.S. Census Bureau and Bureau of Labor Statistics. This demographic and economic data is the foundation for more complex datasets and analysis that a community may undertake as they pursue specific strategies or investments, as discussed below.
Real estate market research
Economic development professionals and community leaders armed with data and analysis about the dynamics of their local real estate market are better positioned to make decisions about investments in specific projects as well as direction for economic development strategic planning. We work with clients to evaluate and analyze data regarding retail leakage, housing availability and affordability, commercial occupancy, rents and sale prices, operating expenses and construction cost indicators. With this data at hand, economic development professionals can evaluate support for specific development projects as well as create strategies for efforts ranging from transforming a redevelopment site to understanding the market potentials and impacts of investments at the community and corridor scales.