Toolkit for Evaluating Economic Development within RGBND The Economic Development Administration (EDA) offers a structured 'Toolkit for Economic Development Evaluation' to assess the economic growth potential of projects. This toolkit provides key metrics, data collection tools, and analysis methods for evaluating development programs. Access the toolkit here:
U.S. Economic Development Administration
Key components of the evaluation checklist include:
1. Relevance and Strategic Fit:
a. Alignment with local and regional economic development strategies. b. Consistency with community needs and priorities.
c. Alignment with Just Transition.
2. Economic Impact:
a. Potential for job creation and retention.
b. Expected increase in private investment.
c. Enhancement of local tax base.
3. Feasibility and Sustainability:
a. Technical and financial viability of the project.
b. Capacity of the implementing organization.
c. Long-term sustainability and Just Transition plans.
d. Funding considerations
4. Performance Measures:
a. Clear, measurable objectives and outcomes.
b. Defined metrics for monitoring progress.
c. Mechanisms for data collection and reporting.
5. Risk Assessment:
a. Identification of potential risks and challenges.
b. Strategies for risk mitigation.
Although this tool kit focuses on EDA programs and makes references to EDA staff and grantees, it’s noted in the toolkit that practitioners outside the EDA can and should review this material and apply the identified metrics and approaches to their own economic development initiatives as appropriate.
With this, we can use to systematically evaluate each project of the GBND to determine its potential contribution to economic growth, ensuring alignment with strategic goals and effective use of resources.