Understanding Your Economy: Using Analysis to Guide Local Strategic Planning

by McLean; Mary

• ISBN13: 9780918286819
• ISBN10: 0918286816
• Edition: Revised
• Format: Nonspecific Binding
• Copyright: 1992-10-01
• Publisher: Routledge

Summary

Forward-looking communities have attained a competitive edge by strengthening clusters of related and supporting industries, not courting individual firms. How will your community know which clusters to strengthen as it negotiates this fundamental shift in development strategy? This book shows you how to conduct local economic analysis to support such strategic planning decisions. You'll learn how to use basic economic analysis techniques to analyze changes in the local economy and evaluate the signifigance of these changes for economic development policy. They show how to structure an analysis; assess local economic performance; analyze the structure and dynamics of a local economy; evaluate local growth prospects; assess local human resources; evaluate nonlabor resources; and link analysis to strategic planning. ?Understanding Your Economy ? also includes a summary of data series and sources that will trim hours from your search for information necessary to conduct your analysis. Understanding Your Economy does not assume an extensive background in statistics or data management. It can serve as a stand-alone manual for anyone who wants to learn more about the functions and dynamics of an area's economy. It's also designed to serve as a text for a two-day seminar. It suggests a format for presenting the materialsoand includes chapter summaries of key concepts as well as a guide to supplemental resources that will help instructors develop a successful workshop. Must reading for all planners dealing with economic development. It is also an appropriate text for undergraduate, graduate, and professional courses in economics, public policy, and urban planning.

Table of Contents

Tables	v
Figures	vii
Foreword	ix
Preface	xi
Contributors	xiii
Overview of Strategic Planning	1	(8)
The Strategic Planning Process	2	(1)
Role of Economic Analysis	3	(2)
Chapter Overview	5	(4)
Structuring the Analysis: Concepts and Issues	9	(22)
Selecting the Unit of Analysis	9	(3)
Selecting a Time Period for Analyzing Trends	12	(4)
Selecting Variables and Data Elements	16	(9)
Establishing a Frame of Reference	25	(2)
Acquiring, Updating, and Manipulating Data	27	(4)
Assessing Economic Performance and Condition	31	(20)
Measuring Economic Performance and Condition	31	(6)
Comparing Economic Performance and Condition	37	(11)
Summary	48	(3)
Analyzing the Structure and Dynamics of a Local Economy	51	(24)
Examining Industrial Structure and Patterns of Growth	51	(7)
Identifying the Local Economic Base and Industry Specializations	58	(9)
Comparing Industry Growth Performance: Shift-Share Analysis	67	(5)
Summary	72	(3)
Evaluating Local Growth Prospects	75	(34)
Industry Targeting Analysis: Assessing Competitiveness	76	(6)
Example: Cook County Target Industry Study	82	(7)
Examining the Business Base	89	(10)
Analyzing Economic Geography	99	(7)
Summary: Drafting a Mission Statement	106	(3)
Profiling Local Human Resources	109	(24)
Labor Availability	110	(6)
Labor Force Quality	116	(11)
Labor Force Costs	127	(3)
Summary	130	(3)
Evaluating Nonlabor Resources	133	(16)
Location Theory and Competitive Advantage	133	(3)
Assessing Factor Conditions	136	(9)
Summary	145	(4)
Linking Analysis and Planning: Strategy Development	149	(24)
Strategic Planning: Participants and Sequencing of Activities	149	(1)
Formulating Strategy	150	(11)
The Action Plan: Moving to Implementation	161	(7)
Monitoring and Updating the Plan	168	(5)
Bibliography	173	(10)
Appendix A: Metropolitan Area Definitions	183	(22)
Appendix B: Data Sources	205	(10)
Appendix C: Standard Industrial Classification System	215	(12)
Appendix D: Two-Day Training Seminar Format	227	(16)
Index	243