- Economic development policies are performing as intended and are meeting (or exceeding) their stated goals.
Performance measurement, both the activity itself and the application of the data, is a key component of success in community and economic development. Unfortunately, there are many misconceptions about performance measurement and its utility. In order for performance measurement to be successful and to produce benefit, regular and sustained measurement of progress toward specified outcomes has to happen. Further, the “right” things have to be measured correctly, or the resulting data could be misleading.
The following actions are recommended to help focus benchmarking and performance measurement efforts. These efforts will help to paint a picture of the fiscal implications of development policy and land use decisions, as well as the health of the local economic base. They might also inform the development of an “urban dashboard” that tracks economic and demographic trends and changes within the metro.
Collect detailed information related to building permits issued. Residential data should track specific types of residential development, including product characteristics and value. Commercial data should track specific types of commercial development, including size of project, product characteristics and value.
Collect detailed information related to revenues generated. Itemize property taxes by sub-categories for both residential and commercial. Isolate dollars generated by unit and square feet. Parse sales tax data by area, square feet, and goods or services type. Break down revenues collected through related licenses, permits, and fees.
Collect detailed information related to expenditures disbursed. Categorize municipal services and allocations by residential and commercial development sub-categories. Isolate dollars spent by unit and square feet.
Collect detailed information related to business licenses issued. Track the specific type of business, products made or services rendered, size of business, and type of facilities.
Collect detailed employment information from all businesses in the City through published data, new Census information, and surveys. Create database profiling employers, with baseline information related to type of business, number of employees, type of employees, location of business, types of customers, types of suppliers, and other relevant information.
Collect detailed festival & event information related to attendees, revenues, and expenditures through surveys. Classify demographic information on attendees/participants/customers. Capture information related to spending, both at event and at local businesses. Obtain revenue-related information from vendors and local businesses.