Working with the Portland Maine Chamber of Commerce, Camoin Associates recently released the 2011 economic scorecard for the greater Portland region. The 2011 Scorecard served as the second update to the initial 2007 report.
The Scorecard measures the Portland region’s 2011 standing on 32 economic indicators against the regions standing on these indicators in previous years, and against a group of benchmark regions that exhibit similar characteristics to Portland’s. By looking at the change over the last year and over the last five years relative to the comparative geographies, the Scorecard provides an insight into how the region is performing as an economic engine. The selected indicators include: city and regional unemployment, gross metro product, property tax valuation, total regional cost index, regional venture capital investment, patents issued, and population growth. The Scorecard measures the city of Portland, the Portland region, and the State of Maine against comparison geographies to understand how each of these three geographies is performing overall, relative to contiguous geographies, and geographies with similar characteristics.
Each of the indicators are rated as either ‘lagging’ ‘keeping up’ or ‘exceeding’ their targeted performance. The region’s performance is rated ‘exceeding’ on 11 of the indicators including regional private sector employment growth, city population growth and regional educational attainment. The region is rated ‘lagging’ on 10 indicators including city housing affordability, regional science and engineering occupations, and regional venture capital investment.
Many cities, regions and states around the country are conducting a comprehensive economic indicator analysis to better understand how their geography is currently fairing, and their potential for future growth. For Portland, the 2011 Scorecard provides an insight into how well the region is positioning itself as an attractive place to live, work and do business. Assessing which indicators the region is lagging illuminates a particular need to invest in these indicators so that the region remains competitive. Additionally, conducting regular updates to the data provides information on how well targeted investment plans are paying off, and how the region is either to increase its competitive advantage, or where more attention is needed to ensure that Portland does not fall behind other areas. Knowing what an areas strengths are, and how these strengths are changing over time allows for a solid understanding of how a region can best position itself for sustained economic development.
Click on the sample page below to download the full report.