One Theory Underlying Economic Vitality Dashboards

August 5, 2010 at 9:50 am Leave a comment

There are many ideas in circulation about how various factors influence economic growth and vitality in a county or region. Here is the thinking underlying Northeast Ohio’s Economic Dashboard. Please not the assumptions relate specifically to the NEO Region. Snohomish County must form its own.

NE Ohio Economic Dashboard

Several key lessons emerge from this analysis, which are important for developing a shared regional vision and agenda for Northeast Ohio.

  1. There is no silver bullet that will turn a slow-moving economy based on traditional industries into a vibrant, high-performance one.
  2. A skilled workforce and strong business dynamics are most highly correlated with regional economic growth.
  3. The pursuit of social goals, such as racial inclusion and income equality, can enhance regional economic growth.
  4. While positively related to per capita income growth, locational amenities are not as important to regional growth as the other factors included in the analysis.
  5. The region’s growth is impeded by legacy costs, which are the result of an aging infrastructure and an unpopular climate.

Entry filed under: Economic Dashboard, Economic Theory, Performance Metrics. Tags: , , .

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