Clients often ask which economic indicators are the most important. With over 60+ available, navigating through the options can be daunting—especially when deciding which ones are the most meaningful for YOUR community.
Here at Edmonson Associates, we believe the following metrics are the most critical for communities to monitor:
• Labor force, employment, unemployment, and employment by industry sector
• Wages by industry sector
• Shifts in population
• Percentage of residents living in Poverty
• Sales/Property Tax Collections
• State and US Industrial Growth Sectors
• Local Industry Announcements/ Number of Job Openings
• High School and Technical School Graduates, Percentage of population over the age of 25 with a 4-year degree
• Number of Permits Issued
• Local Changes in GDP
Become your community’s economic specialist!
By continually tracking these statistics and monitoring your major industry sectors, you will quickly become a subject-matter expert on the state of your economy. Here are some valuable tips which can assist you in your analysis: 1) subscribe to industry trade blogs; 2) research each industry sector statistics carefully; 3) look for future trends within these industries; and 4) for a holistic perspective, also monitor trends and announcements among regional industries.
Want help collecting and sharing economic data with members of your community? Edmonson Associates can provide a practical and affordable option by creating customized newsletters for your community with up to 16 different indicators of your choosing.
Want to learn more? Click Here
Jim Edmonson
Edmonson Associates
Tips and Tools for Business Development 