How Cities Are Using Data Forecasts
Growing a Local Economy in Good Times...and Not So Good Times
Forecasts are concerned with the future, but the actual starting point is an accurate picture of today. Next, looking 20 years back for perspective. Finally, having a look at potential scenarios for the next 5 and 10 years.
This is how our clients have successfully combined the new data forecasting feature in eImpact with their ongoing data reporting they've come to rely on.
Read on to find out more!
Present, Past, Future
Taking stock of the current situation is essential to be an effective planner. As most data comes with a hefty lag, gathering the latest data is critical. While some aspects of life change slowly, others are a moving target. Housing supply is a good example. One of our clients gained really important (and marketable) insights froma simple comparison of median home price compared to competitor cities.
How has the economy recovered since the recession (or maybe it hasn't, as with many smaller communities)? Looking at the historical trend in wages, for example, tells an important story, especially in a world where wage stagnation is rampant. In other places this trend may be very different, with swelling population and worker shortages. Having real perspective requires accurate, well compiled historical data. We recently extend the historical trend period to 20 years in eImpact to give our clients this insight.
Having defined our current situation and taken stock of the past, we can now look towards the future. One way or another, our forecasts will be wrong, no matter how smart our algorithms may get. The best way to look at the future is through scenarios: high, low and in between. This is a great example from one of our client's report:
Smarter planning, engaged community input, supportive policy and better business recruitment are all benefits our clients have gotten using data forecasts.
There's a whole lot more in eImpact v2 you’ll love, including better printed reports, analytics and engagement tracking, new visualizations, presentation mode, third party data, and custom uploads.