It’s an important, often-daily question for many community and economic development professionals: How does our region and workforce stack up against our peers?
We’re excited to announce that question is now quicker and easier to answer in Emsi Developer.
Our new regional comparison report, available in the Tools for Attraction section of Developer, provides a focused, side-by-side look at key economic and workforce stats across regions. We developed the report to help clients quickly benchmark their regions instead of having to run industry or occupation tables and reports for each region they are comparing. Our goal was to create better functionality around existing features.
The report has three sections: a regional overview, industry overview, and occupation overview.
You can select up to 10 regions (states, metro areas, counties, or zip codes) to get quick overview facts like population numbers, total jobs, cost of living comparisons, and the share of the adult population with a bachelor’s degree and above. As with the other sections, you can add or remove data columns and export the whole report to Microsoft Excel or PDF.
Industry and Occupation Overviews
In the industry and occupation overview sections, we’ve brought together many relevant data points for economic and workforce development professionals in a single spot. You can select up to five industries and five occupations—a mix of broad and detailed sectors, if you wish—to pull back key data for the regions you’ve selected.
For industries, the metrics in the regional comparison report include job growth, location quotient, total business establishments, GRP, among others. For occupations, you can compare cost-of-living-adjusted wages, average monthly job postings and hires, the age, gender, and race/ethnicity of the workforce, as well as the current number of jobs, etc.
The Importance of Benchmarking
Our clients regularly benchmark their community or regions against others, whether they’re trying to attract a company, market their region, or showcase their available workforce. Adding context to data is vitally important for EDOs and other regional organizations.
Say you see that you have 300 software developers in your region, 10% more than five years ago. This is helpful information, but it’s even more helpful to know how your software developer job numbers compare to other regions bidding for the company that needs tech workers or to market your community to potential prospects.
Another important step is knowing which regions to compare yourself to. If you are trying to identify peer regions, we can help with that too. Please reach out to Josh Wright with questions.
For more information on the regional comparison report inside Emsi Developer, or to see it in action, contact us. Learn how we help economic development organizations here. You can follow Emsi on Twitter and LinkedIn.