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“ Measuring for Success ”

“ Measuring for Success ”. Gross Domestic Product. What is it? - The market value of all final goods and services produced within an area for a given period of time Why is it important? - It is a comprehensive analysis that is universally used to evaluate the health of an economy.

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“ Measuring for Success ”

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  1. “Measuring for Success”

  2. Gross Domestic Product • What is it? - The market value of all final goods and services produced within an area for a given period of time • Why is it important? - It is a comprehensive analysis that is universally used to evaluate the health of an economy. • How are we doing? -

  3. Labor Force • What is it? - The aggregate of all employed and unemployed people within the region • Why is it important? - It illustrates the workforce capacity of the region and indicates the quantity of the available workforce for existing and new employers. • How are we doing? -

  4. Average Wage • What is it? - Total payroll of each private sector employer divided by the number of employees • Why is it important? - It demonstrates the quality of the jobs in a region. • How are we doing? -

  5. New Business Starts • What is it? - Net growth of the number of privately-owned firms • Why is it important? - It is an indicator of the vibrancy of the economy- entrepreneurship, job opportunity, business vitality, and business climate. • How are we doing? -

  6. Cost of Health Care • What is it?- Cost of employers’ share of a family health plan • Why is it important?- This is an important factor in the decision of a business who is considering growing or relocating to the Berkshires. • How are we doing?-

  7. Cost of Doing Business Index • What is it? - It is an index of a rolling three year average of local business expenses including labor costs, energy costs, tax burden and office rent. • Why is it important? - It is an important factor that affects the sustainability and growth of existing businesses as well as the ability to attract new businesses to the region. • How are we doing? -

  8. Patents Issued • What is it? - Total number of patents issued to firms divided by total employment • Why is it important? - It demonstrates the innovative capacity of a region. • How are we doing? -

  9. Internet Access • What is it? - Percentage of population with high speed internet access • Why is it important? - It is important for economic development, education, and public safety of the more rural sections of the Berkshires who have little or no access. • How are we doing? -

  10. Population • What is it? - An estimate of the current population based on the U.S. Census • Why is it important? -It is an indicator of the health of the regional economy and how attractive the region is to people and investment that in turn support economic expansion. • How are we doing? -

  11. Higher Degree Attainment • What is it? - Percentage of population age 25 and over with at least a 4-year college degree • Why is it important? - It drives the competitiveness of the region and illustrates the workforce capacity and the quality of the available workforce for existing and new employers. • How are we doing? -

  12. Chronic Disease • What is it? - Deaths from cardiovascular disease • Why is it important? - A healthy and active community leads to a more productive and competitive regional economy. • How are we doing? -

  13. Cost of a Single Family Home • What is it? - The median selling price for all single family homes • Why is it important? - It indicates the availability of affordable housing for residents and supports efforts to attract people to live and work in the Berkshires. • How are we doing? -

  14. Balanced Land Use • What is it? - Percentage of undeveloped land (farms, forests, wetlands, vacant) • Why is it important? - The growth of the Berkshires’ economy needs to be balanced with the environmental strengths that contribute to the quality of life, brand and competitiveness of the Berkshires. • How are we doing? -

  15. Air Quality • What is it? - Ozone levels exceeding EPA acceptable standards • Why is it important? - The growth of the Berkshires’ economy needs to be balanced with the health, wellness and environmental strengths that contribute to the quality of life, brand and competitiveness of the Berkshires. • How are we doing? -

  16. Recycling • What is it? - Percentage of solid waste recycled • Why is it important? - Local conservation of environmental resources are part of the Berkshires’ interconnectedness to the global economy. • How are we doing? -

  17. “Measuring for Success”

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