All economic development organizations can find value in metrics that drive outcomes - we believe this to be true, especially given our work in more than 190 communities around the world. Metrics are only going to grow in importance as investors continue to ask: “What have you done for me lately?” And, as public funding continues to decrease, private funders will move to fill the gap, but will need impact metrics to commit to their investment long term.
There are hundreds of metrics your organization can track, but there are four that we believe are the most important, and relevant, in economic development. These four metrics create a better focus for economic developers, they help create a better vision, and they allow an EDO's staff to make better business decisions for the future.
Every year, we deploy our High Performance Economic Development benchmarking survey to industry professionals all over the world in an effort to ascertain these metrics. Why? So we can help each EDO establish a baseline for performance. We also provide a custom report to every participating organization that gives them a true sense of the health of their EDO. The report compares their organization to others, and paints a transparent picture of where they stack up against the competition.
Thousands of organizations have completed the survey since its inception, and every year, hundreds of EDOs submit their data. So what did the survey results tell us this year?
Three organizations came out on top for the four metrics we gathered. Drum roll please...
- Most website visits received for any participating organization: Frisco Economic Development Corporation
- Most conversations (inquiries) generated for any participating organization: Prince William County Department of Economic Development
- Most jobs announced for any participating organization: Nashville Area Chamber of Commerce
- Most capital investment announced for any participating organization: Frisco Economic Development Corporation
There are also winners for each of these categories, broken out by population, and those can be found in our annual white paper, just released.
Many of our winners were recognized at the International Economic Development Council's Annual Conference in Cleveland, where we held an after party to celebrate so many hard working individuals in the economic development industry. It was a great event and conference, and we look forward to honoring some of the same - and hopefully many new - organizations in the profession next year.
Congratulations to our High Performance Economic Development winners!