Data Analytic Tools

The program emphasizes data-driven economic development so students going through the program will get hands-on experience with these leading economic development data tools: 

 

EMSI:

EMSI-Image MSED students in ED 722 Economic Development Theory & research Methods are getting “hands-on” experience with EMSI’s new labor market analytics tool, EMSI Developer, designed specifically for economic developers. It includes tools for business recruitment, strategic planning, and workforce analytics along with national data. In additions to EMSI’s traditional functions, it allows economic developers to identify target industry clusters, target “best fit” for recruitment, identify retail growth opportunities, and better respond to site selector inquiries.  Additionally, Brian Shaw of EMSI conducted a webinar class for the students on how to use the new web-based tool. The experience will help MSED graduate become data-driven economic developers and enter the workforce with the knowledge to add value to an economic development organization on day one.

 

StateBook:

StateBook-Logo

StateBook International, the first online marketplace for site selection and economic growth and development, is partnering with the MSED program in order educate the next generation of economic developers to be data-driven.  StateBook was designed to help site selectors and economic development organizations (EDOs) improve the location decision process. The online platform matches a company’s needs to more than 63,000 data points including demographic, education, workforce, tax, utility, infrastructure, incentives, and GIS-based information.  Students in ED 722 Economic Development Theory & Research Methods will get hands-on training on how to develop an EDO microsite for marketing a community for site selection using StateBook. The website allows EDOs to become discoverable on an interactive, GIS mapping platform and including compare and reporting tools for site selectors.  With 90% of the initial site-selection decision being made on-line before an EDO is contacted, it crucial that economic developers know how to use tools like StateBook.

 

IMPLAN:

Implan-LogoIMPLAN, the leading tool for analyzing the economic impact of changes within a local economy. They are learning to build a model of a local economy and analyze community data in addition to getting experience in analyzing the economic impact of an economic development event or activity. In addition to the hands-on experience, Paul Hendershot of the IMPLAN Group LLC taught a webinar. The hallmark of IMPLAN is the specificity of its economic datasets. The database includes information for five-hundred-and-twenty-eight different industries (generally at the four- or five-digit North American Industrial Classification level), and twenty-one different economic variables. Along with these data files, national input-output structural matrices detail the interrelationships between and among these sectors.  Being able to utilize tools like IMPLAN is crucial for today’s data-driven economic development.

 

 REMI: 

Remi-LogoThe REMI model is the leading dynamic, structural economic simulation model available in the U.S.  It incorporates key aspects of four major modeling approaches used for studies of this type: Input-Output, General Equilibrium, Econometric, and Economic Geography.  REMI is sometimes called an “Econometric Model” as the underlying equations and responses are estimated using advanced statistical techniques.  The REMI simulation model uses hundreds of equations and thousands of variables to forecast the impact a change has upon an economy of interest.  As seen in Figure 1, the REMI model contains five "blocks."  Each block has its own variables and interactions so that changing any one variable in the model not only affects other variables in its own block, but also variables in other blocks.

Figure 1. REMI Model Linkages 

Remi-Flowchart

 

 

Microsoft Excel Certification:

 Excel imageBeing able to use spreadsheets is an important tool for data-driven economic analysis. MSED students have the opportunity to get Microsoft Excel Certified. As part of ED 722 Economic Development Theory & Research Methods, students are required to complete GMetrix Excel training software. If they show sufficient proficiency on the training software, students can get certified through the College of Business Certiport. 

 

Microsoft CRM:

CRM-C9-ImageEconomic Development is a diverse and complicated business. Microsoft CRM enables to manage via an intelligent system application. It enables to manage everything in one place. Economic Development CRM is a single application which was built on the Microsoft Dynamics CRM platform.

 


Highlights of CRM:

  • Collaboration with your Project Partners and Prospects.
  • Strategically Engage to build relationships & drive results.
  • Master the art of Industry Attraction and Business Retention/Expansion

 

In-house Data Sources

Through the USM library students get access to below resources:

 

  • IBISWorld the United States' most comprehensive collection of industry market research and industry risk ratings. It specializes in long range forecasting of industries and the business environment at large, with an emphasis on providing information for strategic planning and research purposes
  • Standard & Poor’s NetAdvantage provides online access to a variety of company, industry, and country reports, including Standard and Poor’s Stock Reports, EDGAR filings, Standard and Poor’s Industry Surveys, and much more.