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 Base and Industrial Restructuring - Studies that explore the economic base and industrial restructuring of a city or region are designed to identify the industries in which employment is concentrated; the industries experiencing growth or decline; the region's strengths and liabilities; and how shifts in the regional economy compare to shifts in the state or national economy. These studies help to determine how the region is being impacted by broader economic changes and assist local leaders in formulating policy and making investments that will increase the competitiveness of the region.
• Industry Clusters and Industry-Specific Analysis - Cluster analysis identifies the industries that drive regional economies and give them a competitive advantage over other areas. With this information, local leaders can develop strategies to support growth in these industries. The center has developed a comprehensive methodology to define industry clusters and is nationally recognized for its work in this area. The center also provides analysis on specific industry sectors, focusing on changes within an industry and how they compare to national trends or trends in other regions.
• Labor Markets - Research on regional labor forces are intended to identify strengths and weaknesses in the workforce that either provide an advantage to the region or serve a possible threat to regional competitiveness. Such analyses explore levels of educational attainment, concentration of specific occupations in the region, and whether the local labor force has the skill sets needed to support area industries.
• Economic Indicators - By defining a set of credible and reliable economic indicators, the Center assists local leaders in identifying strengths and weaknesses in the regional economy, and monitoring changes over time. Indicators are also used to benchmark a region against other metropolitan areas across the country. Because it has access to large stores of economic data and experience managing these datasets, the Center is well-positioned to undertake such projects.
  

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:

• Real Estate Development - Many urban universities have been assuming a larger role in land development, for the purpose of expansion as well as the revitalization of surrounding neighborhoods. The Center has explored factors influencing university land acquisition and development, decision-making and financing practices, and strategies for working with community members.
• Workforce Development - In urban communities, local colleges and universities play a particularly important role in preparing the labor force for employment. The Center works with educational institutions and companies or industry groups to identify gaps in workforce training and ensure that graduates have the skills needed by regional employers.
• Research and Regional Development - Research activities undertaken by universities can lead to economic growth in the surrounding region as new products and technologies find their way to the marketplace. Center researchers have expertise in studying the impact of research universities on regional economic expansion.

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.