Released June 19, 2007

WASHINGTON, D.C. — What are the current employment conditions in our community?

What parts of the local economy have been growing?

Which industries have been declining?

How does the local economy compare to other nearby economies?

What are the factors leading to local employment growth?

How do we identify new opportunities?

Communities today face real challenges in this globalizing world. Jobs, incomes, education, proximity of family members, and general well-being are all tied to a community economy's effectiveness, dynamism, and resiliency. More than ever before, citizens, public and private employers, and civil servants are actively involved in critically examining their local economies as they plan their economic futures. To be successful, everyone involved needs to know how their economy works--its strengths, weaknesses, and hidden potential.

This web site, with its tools and links to a wide range of economic development literatures, is designed to enable anyone interested in their local economy to use standard indicators to make a first cut at understanding its potential.

We have selected a set of tools that are standard in the field of community economic development. We focus on understanding elements of a local economy that can often be affected by public policy. In most cases we provide comparisons with the state and the nation to give the user a better sense of the relative circumstances found locally. We provide suggestions for how to use the results of the tools to formulate a picture of the local area and to consider future options. With this list of sources, anyone can delve more deeply into local economic development.

To learn more about your local economy, we encourage you to conduct a detailed study of its current and historical performance. This online toolbox will take you on a tour of your local economy to help you address the important questions at right.

Types of Data Available in the Toolbox:

• A Snapshot of the important local economic indicators.
• Examination of Historical Performance and the trends for these indicators in order to determine current direction.
• Location Quotients to identify local strengths and opportunities.
• Shift-Share Analysis to help identify local growth engines.
• A pointer to living-wage estimations for the region according to various family sizes and the type of industries that pay living wages in your area.

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http://www.economictoolbox.geog.psu.edu/