The following sections list a variety of different examples of performance measures that economic development organizations might use to quantify their outcomes. It is not an exhaustive list. Use it for guidance only as the performance measures needed for an organization should be tailored to their unique needs.

Jobs

  • Jobs created (full-time, part-time, contract, seasonal)
  • Due to new businesses - start-ups
  • Due to businesses relocating to community
  • Due to existing businesses expanding
  • Jobs retained (full-time, part-time, contract, seasonal)
  • Percentage of jobs at risk retained
  • Changes in average wages or salaries
  • Change in mean/average hourly wage of jobs
  • Jobs in specific sectors, i.e., creative class sector

Business

  • Change in the number of businesses in a community, a region or in specific sector
  • Number of business registrations or business-related licenses issued
  • New business start-ups as percentage of all businesses in the community
  • New business investment attracted – dollars and number of businesses
  • Percentage of business leads that choose to locate in community/region
  • Increased diversity of businesses in economy (number of sectors, number per sector)
  • Change in the number of entrepreneurs in the community
  • Available capital for business development
  • Successful succession planning, transfers to new owners
  • Average business size changed over time
  • Employment levels – by sector, i.e., employment in manufacturing
  • Reports on increases or decreases in sales volume (as percentage of total)
  • Increased profitability, efficiencies, productivity
  • Number of new products and/or production lines, new services
  • Number of patents, trademarks, new innovative product/services developed
  • Amount of exports and trade activity
  • More breakouts to new markets and growth
  • Increased competitiveness of businesses
  • Higher survival rates
  • Number and/or percentage of business program participants still in business 1 - 5 years after start-up
  • Number of business survey (BR+E) projects
  • Number of businesses surveyed, numbers in target sectors
  • Number of business issues addressed
  • Number of businesses retained

Investment

  • Total amount of investment
  • Total number of new development projects
  • Average investment per project
  • Dollar value of public investment in development projects
  • Percentage of total costs for public investment
  • Dollar value of private investment in development projects
  • Percentage of total costs for private investment
  • Total number of private investors
  • Average investment per partner
  • Private investment leveraged from public investment
  • The public investment that was leveraged

Housing/real estate

  • Housing availability
  • Average housing size
  • Housing pricing – rental and ownership
  • Housing condition
  • Value of new housing construction (in targeted area)
  • Existing and available industrial space
  • Existing and available retail space
  • Growth in assessed/appraised value of properties in a target area
  • Changes in the vacancy rates for leased space (number spaces, square feet)
  • Percentage of developed property in industrial/business park
  • Percentage of leased property in industrial/business park
  • Building permits – commercial/residential/institutional
  • Value of new construction – per area, per sector

Occupancy and vacancy rate

  • Industrial
  • Retail
  • Offices
  • Residential
  • Hotels
  • Commercial
  • Downtown

Taxes

  • Change in municipal business tax base – total $, percentage of total
  • Change in municipal residential tax base – total $, percentage of total
  • Change in BIA levies

Expenditures

  • Total expenditures on economic development activities
  • Total capital expenditure or investments
  • Percentage of total municipal budget applied towards economic    development
  • Funding leveraged through expenditures or investments
  • Larger budgets

Tourism

  • Number of tourists/visitors
  • Tourists/visitor total spending
  • Tourist/visitor average spending
  • Tourist/visitor length of stay
  • Number of accommodations – hotels, motels, bed and breakfasts
  • Number of total beds from accommodations
  • Accommodation’s average occupancy rate
  • Number of businesses in the tourism sector
  • Number of tourism packages developed

Human capital

  • Number of workers, numbers in selected industry/sector/occupation
  • Percentage of residents locally employed, in specific sectors, i.e., creative class
  • Proportion of total employment in targeted sector/ all sectors
  • Number of people trained/engaged in economic development, i.e., BR+E
  • Number and percentage of youth who return to work at home after post-secondary education
  • Population – changes in numbers, changes per age categories
  • Number of residents in workforce
  • Improvement in educational attainment among working age adults
  • Number of qualified staff for specific jobs and sectors
  • Number of staff development or training days
  • Dollars invested in training and education by employers
  • Number of volunteers
  • Number of new residents
  • Number of new landed immigrants/business immigrants
  • Population with postgraduate education, level of education
  • Broader career options

Quality of life

  • Improved quality of life elements (parks, recreation, churches, schools, medical)
  • Increased assets per household
  • More equitable distribution of assets
  • Presence of community endowments and philanthropic giving
  • Increased local ownership
  • Sustained development - development that fits the scale of the community
  • Ranking amongst peers and to the provincial average
  • Number of hospitals and hospital beds
  • Number of people under LICO
  • Morbidity, mortality rates
  • Utilization of housing
  • Water quality and availability
  • Population employed
  • Percentage of owner-occupied households
  • Median/average household/family incomes
  • Ranking of the community/county in leading indicator reports
  • Increased give back to communities

Engagement

  • Increased business engagement – number of businesses, number of people
  • Increased resident engagement – number of households, number of people
  • Increased visitor engagement – attendance, participation, input
  • Increased volunteer contributions – in kind or financial
  • Community engagement – quality of ideas generated or implemented
  • Local regional partnerships – number of partnerships, size of partnerships, type of partnerships
  • Number of new community organizations
  • Private and public contributions accessed or leveraged through initiative
  • Expanded program team
  • Stronger development organization

Output indicators

  • Total number of businesses assisted
  • Inquiries received
  • Funding granted
  • Total number of partners
  • Total number of projects
  • Number of economic development inquiries received
  • Number of referrals
  • Numbers receiving coaching
  • Numbers trained, number of participants
  • Number of entrepreneurs assisted through the economic development department