To acquire, analyze, and distribute economic information for the purpose of providing a greater understanding of the regional and statewide economies.
Economic and Demographic Profiles
A comprehensive collection of the latest and most reliable data enhances local business attraction and marketing efforts. SRRI produces economic and demographic profiles for multi-jurisdictional regions, counties, cities, market areas, and communities. The profiles present data and analysis in areas such as population, housing, income, employment, labor force, wages, taxable sales, transportation, quality of life, and utilities.
Industry Studies
An understanding of both the economic trends and qualities necessary to foster growth and development is critical for business attraction and retention efforts aimed at a specific industry. Based on a formal industrial classification or a working definition for a specific industry, SRRI analyzes the economic impacts of the industry, employment and wage data, locational advantages, contributions of major employers, and responses from an employer survey.
Economic and Tax Impact Studies
The creation of jobs typically has a ripple effect throughout a region. Additional jobs are spread through relationships with linked firms and industries, as well as through the purchase of goods and services. SRRI provides a complete picture of how specific companies or projects create employment, income, and consumption expenditures throughout the region's economy and determines its economic effects including direct, indirect, and induced benefits. In addition, SRRI creates an estimate of the generation of federal, state, and local taxes that result from the economic impacts.
Market and Feasibility Analyses
Determining the market acceptance or feasibility of a specific project is essential to make informed business decisions and ensure success. SRRI produces market and feasibility studies for various projects, developments, and sites. The primary objectives of this type of study are to assess if the market conditions are suitable for development, short- and long-term project sustainability, and the highest and best use of a location or site based on a variety of economic and demographic factors.
Workforce Studies
An important part of understanding a local economy is evaluating the characteristics of the workforce. SRRI provides information on the mix of jobs, training, education, and skills in a local area and analyzes the ability of the workforce to effectively fill the existing and potential future employment opportunities. In addition, SRRI evaluates industry staffing patterns, workforce competitiveness, and gaps between business attraction and workforce development efforts.
Economic Development Strategies
Long-term economic development planning must consider both the current local environment as well as a vision for future growth and development. SRRI provides analysis on which to base long-term business decisions by identifying the economic potential of a local area, assessing the existing attributes and advantages, evaluating economic and demographic trends, and generating economic development strategies. These projects can guide local economic development and planning efforts to achieve desired results and development potential.
Policy Analysis and Program Evaluation Support
In some cases, policy analysis and program evaluation activities require an added level of economic or technical expertise. SRRI offers support services in assessing the economic components of specific policy alternatives, developing research processes and measurement techniques, and gathering and analyzing data to evaluate program effectiveness.
Research Validation and Peer Review
Critical decisions are often based on technical research, which decision makers must be able to trust and rely on to be fully effective. SRRI applies its expertise to help decision makers become more comfortable with technical research by validating completed economic and demographic analyses or acting as a peer reviewer, suggesting ways to improve the work and identifying significant shortcomings that should be addressed.
Site Selection Information and Research
Companies and site selection consultants rely on accurate and comparable information in evaluating areas for expansion or relocation activities. SRRI can quickly gather and analyze reliable economic and demographic data to help economic development professionals complete site selection information requests and give companies and consultants an accurate and comprehensive view of the local area. |