The Center for Economic Development uses its expertise in
regional economic analysis to assist public and private sector leaders in understanding the forces that shape their
regional economies and identify opportunities for effective policy intervention. The center conducts applied research
in the following areas:
Economic impact is an analytical approach used to estimate
economic benefits generated by an entity on an affected region. It takes into account inter-industry relationships within an
economy - the buy-sell relationships among industries. These relationships largely determine how an economy responds
to changes in economic activity. Thus, by employing an economic impact model, it is possible to estimate how the impact
of one dollar or one job ripples through the local economy, creating additional expenditures and jobs.
This information can be used to demonstrate the value of a specific institution on the regional economy or assess
the potential costs and benefits of a proposed project. The Center has developed expertise in economic impact modeling
for large institutions, providing its clients with valuable tools for strategic planning, marketing, and fundraising.
A skilled labor force is a key component to regional economic growth. The center helps local public and private sector leaders create workforce development strategies that build upon strengths and address weaknesses in the regional labor force. Plans specifically address the current and future demands of local industry.
Many local leaders are focusing on the development of entertainment and tourist attractions as a catalyst for urban redevelopment, particularly in downtown areas. The Center has experience in evaluating the effectiveness of entertainment and tourism promotion as a strategy for revitalizing cities and enhancing regional wealth. It assists policymakers who are considering this strategy as an avenue for economic development. Some of this work is done in conjunction with the Levin College's Ruther Ratner Miller Center for Greater Cleveland's Future.
The Center assists local leaders with shaping an agenda to
support regional economic development. Specifically, the Center works with city and county leaders to create
strategic plans that guide economic development investments. These planning processes involve a broad range of
stakeholders from both the public and private sector. Assistance also comes in the form of specialized studies to
help stakeholders understand the regional economy, reviews of the programs and tools available to economic
development practitioners, or guidelines on how to approach the planning process (questions that should be asked or
issues that need to be explored before formulating a strategy.
In recent years, urban universities have received greater recognition for their role in regional development. The Center has experience assessing the role of universities in three key areas:
Innovation and entrepreneurship is an emerging area of research for the Center. Nationwide, increased attention has been given to the role of innovation and entrepreneurship in growing regional economies. To date, the Center's work has focused on innovation and entrepreneurship in Northeast Ohio. It has been involved in efforts to assess entrepreneurial confidence in the region, monitor growth in the high-tech sector, and measure entrepreneurship and innovation in Northeast Ohio in comparison to other regions.
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