A roadmap to developing inclusive regional economic indicators
Economic DevelopmentSummary
Brookings Metro’s Lab is helping three US regions to develop a road map for a more inclusive economic outcome, meaning growth that is also shared with those who have historically faced economic exclusion. Learning from the Economic Indicators Lab’s experiences and lessons, the organization laid out a three-phase framework: 1. set the condition for success, 2. to create indicators, and 3. put the indicators to work.
The first step: ‘setting condition for success’ connects with key stakeholders and identifies their roles and potential. It is a stage when communities come together to foster a shared understanding and illustrate what they want to achieve through the project. Phase 2 moves on to the data collection and framing of the project. Major themes are distilled from the shared vision to form a framework for indicators, which are selected to capture high-level outcomes and the outcomes’ drivers. Last but not least is the implementation phase. Relevant stakeholders will establish shared goals based on the indicators. Core organizations then communicate constantly to identify potential gaps between local issues and the indicators. Adjustments will be made during this stage if needed.