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The U.S. Economic Development Administration, in collaboration with the Argonne National Laboratory, recently launched the Economic Development Capacity Index.
According to a Nov. 2 EDA news release, the web-based, publicly accessible dashboard was created to help economic development practitioners answer the question: "How did an individual community's capacities change over time due to EDA support?"
“The debut of the Economic Development Capacity Index is the culmination of another successful collaboration between EDA and Argonne National Laboratory,” Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo said in the release. “Argonne data scientists, working with EDA economists and program staff, are setting a new standard for evidence-based, data-driven economic development.”
The launch of the EDCI dashboard comes after the successful January launch of the National Resilience Data Explorer, which provides access to data regarding economic distress, employment, GDP, clusters of industries, and ongoing COVID-19 impacts for both counties and Economic Development Districts, according to the release.
“Collectively, the EDCI and the NERDE bring together a broad range of data sources to help communities identify their economic development strengths and opportunities for growth,” Iain Hyde, director of Argonne’s National Preparedness Analytics Center, said in the release. “Through this most recent collaborative effort, economic developers will have another powerful data-driven tool to inform local and regional planning, investments, and initiatives.”
EDCI development was supported by a $1.5 million grant from the EDA's Research and National Technical Assistance program, which funds research, evaluation, and technical assistance projects aimed at promoting competitiveness and innovation in distressed rural and urban regions through the U.S. and its territories, the release reported.