Urban planning community

+ Reply to thread
Results 1 to 10 of 10

Thread: Measurement of "economic condition" of a place

  1. #1
    Cyburbian daytondevelopment's avatar
    Registered
    Oct 2003
    Location
    Union County, Ohio (Marysville)
    Posts
    33

    Measurement of "economic condition" of a place

    Hi all... I am currently working on my senior capstone and I am seeking to determine if the economic conditions of a certain county in the Upper Ohio Valley are improving or declining.

    I have a pretty good base, but I would like to run something by you folks. I use the term "economic conditions", but I am wondering if there is a better term. I toyed with the notion of "business climate", but I am not just measuring the business climate.

    I am using these indicators to measure economic conditions:

    • The number of new businesses since 1970
    • The number of expanding businesses since 1970
    • The number of employed in county (changes since 1970)
    • The median income of county residents (changes since 1970)
    • The number of businesses closed or relocated outside of county since 1970
    • The amount of collected revenue by county (changes since 1970)
    • The vacancy rates of retail and industrial sites
    • The education levels of county residents
    • The population changes in county since 1970

    Can you think of any others that I am missing and should add? Generally, I could include much more like tourism #'s, numbers of schools, etc., but I'd be getting away from my research purpose.

    The idea I am getting is that things are slowly improving in the Upper Ohio Valley; population declines have levelled off and slightly more businesses are moving into the area. I could go on and on, but I'd rather save it for my paper .

    Just wondering if I am on the right track! Any insight would be appreciated!Thanks.....

    Jay
    Business Development Manager
    Union County, Ohio Economic Development Partnership

  2. #2
    Cyburbian michiganplanner's avatar
    Registered
    Mar 2005
    Location
    the verge of Stan-dom
    Posts
    473
    Thats a good general list. Don't forget commercial vacancy rates to go along with your retail and industrial. Also, housing plays a big part. You might want to consider new housing starts per year since 1970 or some sort of similar data. While it is not quantative data you might also research any economic development initatives (if any) since 1970. A 1978 ED initiative by your said county might be a reaction of poor conditions in previous years thats may or may not stand out in analyzed data.

  3. #3
    The list is good. I also include the change in percent living in poverty (using U.S. Census data) when completing my annual "Economic Data Update" for the region. Also, if you have any military bases in your area, their economic data is compiled separately and may be obtained from the base.

  4. #4
    Cyburbian SGB's avatar
    Registered
    Nov 2002
    Location
    Champlain-Adirondack Biosphere Reserve
    Posts
    3,387
    Changes in employment by sector may be a good index, too.
    All these years the people said he’s actin’ like a kid.
    He did not know he could not fly, so he did.
    - - Guy Clark, "The Cape"

  5. #5
         
    Registered
    Feb 2005
    Location
    Vanderhoof British Columbia, Canada
    Posts
    80
    Quote Originally posted by daytondevelopment
    Hi all... I am currently working on my senior capstone and I am seeking to determine if the economic conditions of a certain county in the Upper Ohio Valley are improving or declining.

    I have a pretty good base, but I would like to run something by you folks. I use the term "economic conditions", but I am wondering if there is a better term. I toyed with the notion of "business climate", but I am not just measuring the business climate.

    I am using these indicators to measure economic conditions:

    • The number of new businesses since 1970
    • The number of expanding businesses since 1970
    • The number of employed in county (changes since 1970)
    • The median income of county residents (changes since 1970)
    • The number of businesses closed or relocated outside of county since 1970
    • The amount of collected revenue by county (changes since 1970)
    • The vacancy rates of retail and industrial sites
    • The education levels of county residents
    • The population changes in county since 1970

    Can you think of any others that I am missing and should add? Generally, I could include much more like tourism #'s, numbers of schools, etc., but I'd be getting away from my research purpose.

    The idea I am getting is that things are slowly improving in the Upper Ohio Valley; population declines have levelled off and slightly more businesses are moving into the area. I could go on and on, but I'd rather save it for my paper .

    Just wondering if I am on the right track! Any insight would be appreciated!Thanks.....

    Jay
    I personally feel that a comparison of market price / current labour rate is worth considering as it provides an indicator regarding liquidity in the community under study..

    Graham.

  6. #6
    Cyburbian the north omaha star's avatar
    Registered
    Nov 2003
    Location
    at Babies R Us or Home Depot
    Posts
    1,260
    Quote Originally posted by Follow the $$
    The list is good. I also include the change in percent living in poverty (using U.S. Census data) when completing my annual "Economic Data Update" for the region. Also, if you have any military bases in your area, their economic data is compiled separately and may be obtained from the base.

    If you can, the # of public school kids on free or reduced lunch. You would be surprised. I know I was when I worked on a similar project in grad school.
    I am recognizing that the voice inside my head
    is urging me to be myself but never follow someone else
    Because opinions are like voices we all have a different kind". --Q-Tip

  7. #7
    Cyburbian PlannerByDay's avatar
    Registered
    Jul 2002
    Location
    In the bike lane
    Posts
    1,827
    The Census also offer information on Mortgage Statue and monthly owner costs. Also the number of renters and the average rents.

    Doing an analysis on mortgage however needs to take into account a number of varialbes including inflation and interest rates. However the Census will report the "Selected monthly owner costs as a percent of household income" and the same thing for renters.

  8. #8
    Cyburbian Cardinal's avatar
    Registered
    Aug 2001
    Location
    The Cheese State
    Posts
    10,066
    Some comparative data could be beneficial. How about shift-share analysis for industry segments, jobs-population ratios, and pull factors for retail?
    Anyone want to adopt a dog?

  9. #9
    Cyburbian Luca's avatar
    Registered
    Mar 2005
    Location
    London, UK
    Posts
    1,147

    I'm a little bit surprised...

    ...or perhaps not by the plethora of qualitative/subjective indexes in the list or suggested by others.

    ECONOMIC conditions surely relate to access to limited resources (i.e. money) so income per capita and income distribution would be as good a measure (and as simple) as you need. Some of the 'industry shift' data smells to high heaven of "we lost the factories" moaning masquerading as social science. You may retort that there are other considerations besides income and its distribution; I agree. But then you’re not talking economic, but rather social, conditions.

    I'll give you an example. One indicator mentioned is new business started. Normally this is a sign of economic wealth, but, within small enough an area, it is meaningless. If there is a strong local employer, you may see fewer new business starting. Conversely, in an enterprising culture like the US, sometimes people will start their own small business (out of their own home) due to need rather than desire so that would give you a contrary indicator.

    Keep it simple: income, income distribution.
    Life and death of great pattern languages

  10. #10
    Cyburbian daytondevelopment's avatar
    Registered
    Oct 2003
    Location
    Union County, Ohio (Marysville)
    Posts
    33
    Wow... simply a ton of great advice. I am primarily concerned with the business side of things. From the research I have completed so far, generally things are changing but slowly.

    Population is declining at a slower rate than before - 11,495 lost between 1980 and 1990, yet only 848 lost from 1990 to 2000, with only 4,890 projected loss from 2000 to 2030 ...

    16 of the past 19 years saw net increases in business formation. Until 1999 and 2000, the last time more businesses closed than were opened was 1989 with 100 starts and 113 deaths.

    As far as the number of businesses, the most new businesses were in the services sector- with 79 new starts since 1988, followed by construction with 50 new starts since 1988, and finance, insurance, real estate with 31 starts. Total businesses in 1997 was 1,616 compared with 1,466 in 1988 (I have to find updated data).

    Unemployment: this county averaged above state and national levels from 1982 until 2000, then unemployment county-wide fell below average to near 3.9% in 2001. Currently, unemployment is near 5.8%.

    In 2002, the personal income per capita was $23,390 while the state averaged $29,195. This county still ranks 81st out of 88 counties, even though the income increased $7,771 from $15,619 in just 10 years (1992 to 2002).

    I still have a ton of analysis to do- and I truly appreciate all of your help on this!

    Jay
    Business Development Manager
    Union County, Ohio Economic Development Partnership

+ Reply to thread

More at Cyburbia

  1. Replies: 1
    Last post: 12 Jun 2013, 2:55 PM
  2. Replies: 6
    Last post: 18 Feb 2008, 12:48 PM
  3. Replies: 2
    Last post: 19 Nov 2006, 9:28 PM
  4. Replies: 4
    Last post: 18 Feb 2004, 9:33 AM
  5. Replies: 2
    Last post: 18 Aug 1999, 4:11 PM