Economic Development is Full of Surprises
Last week, at the national IEDC conference in Houston, Atlas Advertising awarded 18 economic development organizations with gold, silver and bronze medals for their performance over the past year. (See blog post just prior to this one for list of winners.) These winners were determined after Atlas did an extensive study on what works and what doesn’t work when it comes to metrics, tactics and results for EDO’s. Along the way, Atlas discovered some expected and not so expected findings – including some surprising economics of economic development organizations:
Average capital investment per community in the last 12 months: $244 million
Lowest performer, Highest performer for communities with populations between 1 million and 2.5 million:
- Conversations: Low: 101, High: 621
- Jobs: Low: 2,329, High: 14,415
- Capital Investment: Low: $43 million, High$2.2 billion
Value of a conversation, in jobs: 25 Jobs
Average jobs announced per organization, last 12 months: 1,768
Quote from site selector: What do high performing communities do consistently?
"Quick response to queries. Deal making and closing. Good incentives."