The Right Data for the Challenge
In economic development, data and analytics have always been important for planning, decision-making, implementation, and evaluation. And now, it has become even more apparent in our daily lives - our health, our jobs, our communities, and our planet.
Camoin 310 was started and has grown over the past 20 years on a foundation of applied data analytics – the best data and analytics to support economic development and related policy, strategies, and actions. We are passionate about data: its applications and its sources. Over the course of our work, we have developed the following principles on how data and analytics can be applied across economic development.
Go-To Data Sources
We regularly research and vet data sources for ourselves and for our clients and choose what we believe to be the best data for each challenge. To help you understand and apply data to your economic questions and challenges, we have dedicated this issue of the Navigator to all things data!
These are not the only data sources we use, but they represent our “go to” sources. The providers of this data are our partners. Together we strive to bring informed reasoning to create custom solutions. We know you may use some of these data and tools, as well as many others, and invite you to explore how these tools have been applied to economic development, and welcome your thoughts and sharing.
Applied data. Real results.
With so many data sources and so much data that is readily available and constantly changing, the question becomes – how can it be applied to support strategy, decision-making, and implementation for business, economic, and workforce development?
To help answer, this we have selected a few examples. Over the past several years, Camoin 310 has been a regular contributor to Expansion Solutions Magazine, providing articles on economic and industry trends and analysis. Expansion Solutions is a leading media outlet for economic development and industry content. The following industry analyses where prepared by Camoin 310 professionals and appeared in Expansion Solutions:
Informing Crisis Response and Recovery
All of these examples were produced pre-COVID-19. However, the same kind of data can be used to consider the impacts of COVID-19 on industries and workforce as well, analyzing economic risk for communities, and regions, and identifying emerging opportunities. Specifically, the following types of critical questions can begin to be answered through relevant, reliable, timely data and analytics:
- How is the labor force changing month to month and how does this compare to the 2008 recession and recovery?
- What industries and occupations are most impacted? Which will be first and last to recover?
- What industries are most at risk based on their national and global supply chain?
- How will industrial, office, retail, and housing real state markets be impacted?
- Where do opportunities lie for on-shore and emerging manufacturing?
- How is capital for emerging and growth-oriented businesses and industries being impacted and where is new investment occurring?
- What skills are most in demand and which will continue to be in demand?
- How prepared is your region to handle supporting remote work, self-employment, and entrepreneurs?
- What is the full economic impact of jobs lost?
For questions and help on any of these examples, or how to apply in your locality or region, please feel free to reach out to Jim or Christa at firstname.lastname@example.org or email@example.com. We, and our data partners, are ready to help!