"If you do not know where you want to go,
it does not matter what road you take."

Many communities have active economic development programs, but they do not have a specific focus on where they want or need to be "economically" in the future.

Specifically created for economic development organizations, Chambers of Commerce and local governments, the Goal Setting Study establishes benchmarks for employment and earnings, which, when achieved, will elevate the local economy to the desired level in the future.

A complete Goal Setting Study (Adobe PDF format) can be reviewed by clicking here. (40 pages, 209 KB) If you do not have Adobe Acrobat Reader, click the icon for a free download.

After determining the existing "level" of the local economy using the Historical, Comparative Economic Analysis, projections are made for where the economy might be in the future. Growth in the size and the quality of the economy is examined.

Then a reasonable, achievable goal is determined for where the economy could be twenty years from the point of beginning.

The following graph, which is one representation of the "quality" of the sample area’s economy, shows the history of the area, the results of the projections, and the results of achieving the goal.

In this economy, if nothing is done, the quality of the economy and the standard of living of the people living there will continue to dilute or degenerate over the next twenty years.

However, if the goal is achieved, the quality of the economy will improve significantly.

To reach the economic goal, annual "contributory" job and wage milestones are calculated.

The following chart shows the number of net, new, primary industry jobs and the earnings per worker which are necessary to be created each year to achieve the goal for the sample area.

Also shown is the average wage for the area for each year and the % the wage level for the new job is of the area average.

The sample area is a small economy with a modest economic development program.  The annual milestones are increased in the future as the community has a more aggressive, better funded program.

These are annual goals. One year the area will create more than the goal, and the next, perhaps fewer. However, the area needs to stay as close to the job creation goal as possible to maintain stability in the economy.

The jobs are "contributory or primary industry" jobs, those, which import money to the area.

Total employment and earnings for each industrial sector for each of the 20 year period is also calculated as a result of achieving the goal.

From the information in the Goal Setting Study, communities can better plan for their economic future.

After completing the Goal Setting Study, a Target Industry Study should be conducted to identify those industries which will be most likely to help achieve the goal.

Also, through an annual Performance Evaluation, it can be determined if the milestones are achieved each year.

Back to Top