Economic Development Planning Skills introduces analytical tools that are used to assess local economic development conditions, issues, and opportunities as part of formulating economic development plans. The course is designed to provide students in the Master in City Planning (MCP) Degree Program with skills needed for applied economic development planning work in other courses, particularly Economic Development Planning (11.438) and Revitalizing Urban Main Streets (11.439). Consequently, it omits many aspects of economic development planning and does not provide a complete overview or introduction to economic development practice.

Four broad analytical approaches are covered in the course with one day devoted to each of topics:

• Use of secondary economic data to profile and analyze a local and regional economy.
• Industry and cluster analysis used to understand relationship among industries and the trends and factors shaping the future growth of important local industries.
• Retail and real estate market analysis used to analyze the potential and opportunities for new real estate development.
• Resource assessment which considers the obstacles to and opportunities for more effective application of local physical, human, financial and knowledge resources to realize economic development goals.

Reading materials for each class are listed below and need to be carefully read prior to class. Most readings are either professional reports or practitioner-oriented discussions of how to conduct and use an analytical tool. These readings introduce each analytical approach, but also provide a context for considering the benefits, problems and limitations of the method. Students need to complete the first set of reading prior to the first class.

In addition to attending all classes, completing readings and participating in class discussion, each student needs to complete an economic profile for Hartford, Vermont. Some background information on this community and set of employment data for Hartford, Windsor County and Vermont for 1991 to 2000 is provided. The goal of the profile is use relevant techniques studied in class to analyze Hartford's local economy and present finding and their implications for the community's economic agenda.

Assignment 1: Economic Data Sources and Profiling the Local and Regional Economy 

Readings:

Reamer, Andrew and Associates, and Impresa. Chap. 3 in Using Socioeconomic Data to Understand Your Regional Economy. Pp. 23-46.

A Strategy for Fairhaven's Economic Future-Data tables and figures. Mt. Auburn Associates. Pp. 8 -10, A1- A8.

Regional Economic Development Benchmarks. Greater Philadelphia First. Pp. 6- 12.

Bendavid-Val, A. Chap. 7 in Regional and Local Economic Analysis for Practitioners.

Economic development planning begins with a sound understanding of the composition and performance of the local economy. The first part of this class will focus on how to use published economic data to profile a city's economy, understand the major sectors of the economy, growth trends, and key population and labor force characteristics. We will also discuss indicators that can be used to assess how well the local economy is performing and delivering benefits to the local population. The second part of the class will review two analytical technique, shift share analysis and location quotients, that help identify highly concentrated industries, better and worse performing ones, and industries which are either export-oriented or present potential for import-substitution.

Assignment 2: Industry and Cluster Analysis 

Readings:

Taplin , Ian M. "Recent Manufacturing Changes in the U.S. Apparel Industry: The Case of North Carolina." In Global Production: The Apparel Industry in the Pacific Rim. Pp. 328-344.

"A Strategy for Fairhaven's Economic Future." Mt. Auburn Associates. Pp. C-1 to C-29.

Held, James R. "Clusters as an Economic Development Tool: Beyond the Pitfalls." In Economic Development Quarterly 10, No. 3 (August, 1996): pp. 249-261.

The fortunes of major industries and related industry groups ("clusters") in a region have a large impact on economic development. This class covers how clusters are defined and identified, important aspects of an industry or cluster to study for economic development planning purposes, and the components of industry and cluster analysis, and how industry and cluster analysis might be used to define an industry- or cluster-based economic development strategy.

Assignment 3: Retail and Commercial Real Estate Market Analysis

Readings:

Carn, Neil, et. al. Chap. 10 in "Real Estate Market Analysis: Techniques and Applications." Pp. 214-234.

Brockton Supermarket Study. Hammer, Siler George Associates. Boston, MA.

Real Estate Market Analysis: Lyman School Property. Karl F. Seidman Consulting Services, and BAE. Marlborough, MA. Pp. 11 to 23. 

Market analysis integrates information on market demand and supply to assess the potential to support or attract new development in a community or specific site. Different demand factors shape development of retail store versus commercial or industrial development to house employers. Thus, the first part of the class covers retail market analysis and its use to evaluate retail development projects, identify underserved consumer markets and target retail businesses to attract or develop. In the second part of the class, we look at the use of secondary economic data and real estate data to evaluate market potential and target businesses for commercial and industrial real estate projects.

Assignment 4: Resource and Asset Assessment and Discussion of Economic Profile Assignment
 
Readings:

"A Strategy for Fairhaven's Economic Future." Mt. Auburn Associates. Pp. 10-16, B-1 to B-38.

Local resources provide the foundations for economic development. An understanding of critical resource assets and liabilities, and the obstacles to applying their resources to achieve local goals, is critical to design effective plans. In this final class, we provide an overview of key resources area to evaluate, how to research and analyze the resource base, and applying what is learned to formulating plans. The last part of the class will be set aside to recap and address questions about the Hartford, Vermont Economic Profile Assignment.