New Tools Help Advance Regionally Focused Economic Development

  • Date: 09/19/2023

Through a collaboration with the U.S. Department of Energy’s Argonne National Laboratory, EDA is tackling this problem head-on.  By drastically expanding the range of tools available to local and regional economic development authorities and federal grant applicants, EDA is putting more equitable, granular information than ever before directly into the hands of decision makers.

The recently launched Economic Development Capacity Index (EDCI) aggregates near real-time data from more than 50 economic indicators to determine a given region's economic development capacity compared to the rest of the nation. Using EDCI, a region can generate a snapshot view of its economic capacity in one of five major areas: human capital, finance, industry composition, infrastructure, and institutional support.

The National Economic Resilience Data Explorer (NERDE) is a comprehensive, web-based tool that centralizes a range of publicly available data about local and regional economic conditions, including information on economic distress, demographics, industry clusters, and the impact of COVID-19 on local economies. Data is provided at both the county and Economic Development District (EDD) levels and is updated monthly.

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