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Measuring Regional Economic Development

Measuring Regional Economic Development. Thomas G. Johnson October 6, 2006. Goal for this project. To develop an information system with which USDA Rural Development can assess its programs nation-wide. The new system must be:. Economically valid Precise and accurate Understandable

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Measuring Regional Economic Development

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  1. Measuring Regional Economic Development Thomas G. Johnson October 6, 2006

  2. Goal for this project • To develop an information system with which USDA Rural Development can assess its programs nation-wide

  3. The new system must be: • Economically valid • Precise and accurate • Understandable • Broadly applicable • Not a burden on the agency’s clients • Inexpensive to develop and use • Integrated into current web-based systems • Expandable to allow application to other programs

  4. We reviewed assessment systems used by • The Small Business Administration • Economic Development Administration • Other countries and international agencies We also reviewed the economics research literature

  5. Previous Standards for Program Benefit Assessment • Most agencies (including Rural Development) traditionally measure jobs created or saved. • No indication of indirect jobs created • No indication of existing jobs displaced by the new jobs • No indication of quality of jobs • No indication of benefits

  6. The Socio-Economic Benefit System (SEBAS) • A nation-wide, information system that estimates a variety of measures of economic change • A large regional economic database • A process for collecting and entering client level data • SEBAS is integrated into USDA’s web-based accounting system

  7. SEBAS Features • Measures impacts of each loan or grant at the local, non-metro economy and state levels • Considers the current economic base in the region and state • Estimates the displacement effects at each level of geography • Calculates a number of new measures of economic development • Allows the monitoring of impacts over time

  8. SEBAS Indicators • Direct Jobs • Net new full-time equivalent employment • Net Contribution to Gross Domestic Product • Contribution to local and state tax revenues • Job quality: New GDP per FTE

  9. Why GDP and FTE • The goal of rural policy should be to increase the economic opportunities for rural residents • Full-time, well-paid jobs that complement the current economy bring more benefits to rural economies than part-time, seasonal, low paid jobs that compete with current employers • SEBAS measures the quality of economic development

  10. Following, are views of the actual web-based SEBAS system

  11. Thank you

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