Measuring the success of Economic Development policies, programs and activities are just important as implementing them. There are many recognized measures used and benchmarked within the economic development industry, and in recent years, this process has become a marriage of art and science. We strive for efficient work toward our stated goals while recognizing that some measures of progress are not so easily captured, such as, encouraging vital connections between businesses and residents, or improving customer service for permitting at Town Hall.
Many recognized guiding principles in Economic Development have been corner-stoned by the International Economic Development Council (IEDC). This Internationally recognized Council consisting of more than 5,000 members of Economic Development Professionals (learn more here), has made them the largest organization of its kind. The IEDC has created an Economic Development Reference Guide that can be utilized to assist with how communities create and develop an Economic Development program and policies.
Another great resource in assisting to develop how to measure the success of Economic Development in a community is from the Economic Development Research Partners program, of the IEDC, Metrics for High Performing EDOs. This dynamic Guidebook for Economic Development professionals provides a menu of metrics by which to measure economic development success in a community. Since no two communities are alike, this menu based Guidebook offers an insightful approach on devising a system to benchmark economic development success that plays to each communities' uniqueness and isn’t a one-size-fits-all approach.
Learn more here about the methodology behind this comprehensive Economic Development Guidebook for Metrics and how it was developed.