Regional Analysis
Before a community or region can intelligently develop strategies for economic development, it needs to understand the nature of the local economy and the area's strengths and weaknesses as a location for economic activity. Regional analysis, therefore, is a logical precursor of the strategic planning process. It provides a factual basis for economic development goal setting and strategy development.
Understanding the composition and structure of your regional economy is the very first step in planning and implementing your local economic development strategy. The objective of this type of analysis is to gain greater insight into factors affecting the level and growth of economic activity within a local economy. Key questions that are answered include the following:
- Which sectors or industries are most important to the local economy in terms of employment and income?
- Is the structure of the local economy changing? If so, in what ways?
- How diversified is the state's economy?
- Which sectors or industries are growing and which stagnating or declining? How do these trends compare to other regions?
CERC recently completed regional analyses for:
- Bridgeport Economic Resource Center (BERC)
- Northeast Utilities Knowledge Corridor Project
- Governor's Council on Economic Competitiveness & Technology
- MetroHartford Insurance Initiative
For more information on how CERC can help you with a Regional Economic Analysis, call 860-571-7136 or e-mail Jeff Blodgett, Vice President of Research.