Regional Economic Scenario™
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Economic Scenario™ is the first regional economic model that enables a rural economy to calculate its gross regional product, jobs, earnings and output at the county, multi-county, regional or cross-border levels. ViTAL Economy (VE) spent more than ten years working with independent economists, as well as the U.S. Department of Commerce Bureau of Economic Analysis (BEA), Federal Reserve Board and Federal Home Loan Bank District experts, to create Economic Scenario™.
This tool contains benchmark and forecasting opportunities for counties, economic sub-regions and economic regions defined by regional leaders that include:
- Forecasting tools that allow users to project the impact on jobs, earnings, output and GDP when a region’s economic focus changes from traditional and mature industrial sectors to emerging, knowledge-based sectors
- Tools that enable regional leaders to compare and contrast the economic impact of competing or alternative economic strategies
- A capital investment impact tool that permits leaders to calculate the impact of capital investment projects on jobs, earnings, GDP and output
- Tools that assess the region’s commuting patterns
Economic Scenario™ is uniquely developed for each economic region. Each VE client region establishes a group of local CED leaders to help us customize the tool for their use and to ensure that the model is easy to use for non-economists. Regions using this tool have been impressed with its ability to develop a real sense of region, build regional collaboration and erase the limits of political boundaries.
Contact us for examples of how Economic Scenario™ has helped regional economies accelerate and sustain their VE Journey. Learn how Economic Scenario™ also can be applied to a specific sector. (connect to the next page in this section, entitled Sector Specific Economic Scenario)
Benchmark Assessment Services
Related VE Journey Point: Pinpoint