Identify Important Industries for the Region

Abstract

To ensure that policy priorities are aligned with the realities and needs of the region’s economy, each region needs to regularly assess its key economic sectors. However, it can be difficult to determine which regional industry is important because the definition of “important” is not always accepted by regional participants. Hard data is a necessary part of this planning process so as not to appeal to multiple requests or word of mouth. Quantitative methods are also much faster and cheaper than qualitative methods and are also less prone to political pressure. This does not mean that there is no place for quality methods. Rather, quantitative methods should identify the most promising opportunities so that qualitative approaches can be more focused and cost-effective.

Also, the numbers don’t usually speak for themselves. To make them useful, it is necessary to turn them into clear indicators whose meanings and boundaries are clearly understood. This document is intended to provide a starting point for regional planners to understand and apply such indicators.