Methodology

Benchmarking Competitiveness

Today's economic challenges require that regions find new ways to compete in a rapidly changing global economy. Local economies must understand their strengths and opportunities and, most importantly, take action to create new competitive advantage. ECG provides analysis, strategies, and new forms of public-private collaboration to support the new initiatives needed to build a successful economy for the future.

Competitiveness In A Global Economy
What is competitiveness? Is my region competitive?

The most competitive regions in the global economy today are dominated by industry clusters, which help to leverage a region's economic advantages.

The most competitive clusters, in turn, are dependent on a region's economic foundations – the basic building blocks of a modern economy. These include:

  • Human resourcesClimb the Economic Ladder
  • Access to Technology
  • Access to Finance
  • Business Climate
  • Physical Infrastructure
  • Quality of Life

Benchmarking Competitiveness
The ECG framework provides a consistent approach to benchmarking a region's competitiveness. This benchmarking involves comparing the region to other regions with similar economic structure. A comprehensive benchmarking effort compares across:

  • Clusters: Performance, Structure, Markets, Strategies
  • Foundations: Human Resources, Access to Technology, Access to Finance, Business Climate, Physical Infrastructure, Quality of Life
  • Best Practices: Do the economic development institutions in your region take advantage of the most appropriate tools to implement their mission?

What Is a Cluster? >>