How can regions participate in, and take advantage of, today's knowledge-based innovation economy? A new website provides tools to facilitate relevant insights and help answer the fundamental questions underlying regional development in today's changing economy. The purpose of these tools is to aid strategic discussions about where to invest dwindling resources and build regional prosperity for the next generation. Two of these tools will be discussed here, Measuring Regional Capacity for Innovation, and Occupation Cluster Analysis.
Measuring Regional Capacity for Innovation
Innovation is a key ingredient in an economy’s ability to increase the standard of living for a region’s residents. Building on other national and European research, a newly released Innovation Index provides policymakers and economic development practitioners with a unique web-based tool for exploring regional innovation performance and comparing that with the United States, a state or other regions. Provided by the Indiana University's Kelley School of Business, the Index combines multiple variables into a composite index providing a single, high-level snapshot to evaluate innovative capacity, innovation outcomes, and economic progress. The indicators in the Innovation Index are derived from both official government statistical agencies and several private, proprietary sources, including Economic Modeling Specialists, Inc., Innovation Economy 360, and Moody’s economy.com. The user can determine the state, county (or counties), or Metropolitan Statistical Area they want to compare. Up to 255 individual counties may be selected. Each region of the country has a different mix of qualities that can boost its overall innovation score. No two counties or regions will be exactly alike and there is no single path toward an innovative and growing economy.
To read the full, original article click on this link: NEW TOOLS FOR REGIONAL ANALYSIS
