One long-held strategy to foster economic growth and development is to recapture tax dollars that flow to higher units of government. Paying taxes to higher units of government, such as the state and/or federal government, is a leakage from the local economy. In a sense, these leakages are akin to a local business buying inputs from vendors outside of the community or local residents shopping outside of the community. While many communities strike to close these leakages by encouraging firms and shoppers to buy locally, such an approach does not apply to state and federal taxes. Rather, communities often strive to have those dollars returned to the community through local state and federal government spending.
As part of the 2023 Regional Economic Conditions Conference hosted by the Federal Reserve Bank of Minneapolis, Dr. Tessa Conroy provides an overview of the Wisconsin labor force.
Professor Deller addressed: Why are some communities more resilient to shocks? What can communities do to improve their ability to rebound?
Using 2021 county sales tax data, we examine the strength and weaknesses of Wisconsin retail and service markets through the application of the tools of Trade Area Analysis. Only those counties that have elected to collect the optional county sales tax are included in the analysis. Because sales tax data are used one must keep in mind that the analysis focuses only on taxable sales and may not reflect the total level of activity in the county. Using Pull Factors and measures of Surplus and Leakage the relative strengths, and weaknesses, of local retail and service markets are identified.
There are about 50,000 employer businesses owned by people over 55 years old in Minnesota. Or about 50% of the businesses in the state. In this webinar, guest presenter, Michael Darger, describes efforts at the University of Minnesota Extension to work across organizations to raise awareness among business owners and create support for business succession and transition (BST) planning in rural areas.
Over the last couple of decades, community economic development practitioners and researchers have explored the importance of quality of life on economic activity and population growth. Dr. Amanda Weinstein discusses her work on the importance of quality of life for Midwestern communities and shares what this might mean for a broader set of economic development policy recommendations.
With rising costs to students and soaring debt levels, many people are questioning the value of pursuing higher education. Nationally, a person with a bachelor’s degree will earn about $560,980 or 37.8% more than a person with a high school degree, even while accounting for lost years of work while obtaining the degree.
Building on the data sources described in Part 1, this session explores how to use data once you have extracted it. Real-world examples will be shared to demonstrate how data can be used in applications related to commuting patterns, retail surplus and leakage, workforce development, housing analysis, and industry expansion and retention.
This session provides an overview of data sources to help guide community economic development efforts at the local and regional levels. Topics covered include labor force characteristics, demographics, measures of industrial concentration, sales tax collections, and housing data options.
On May 12, 2022, a group of 20 planning and design professionals found their way to Hustisford (17 in person, and 3 remotely) to dedicate their time and expertise in hopes of helping the community discover a shared vision for the future. The purpose of this document is to provide details as to the purpose, process, and outputs of the Design Hustisford program.
As a growing number of Wisconsin farms struggle to survive, many farm households (families) are dependent on off farm income to offset weak and unstable farm sourced income. Over the five-year average (2016-2020) average household income for Wisconsin farm operators is $98,353of which $20,210 comes from farming activities, and the remaining $78,143 comes from off farm sources. One strategy to ensure the continued operation of most Wisconsin farms is to focus on enhancing off farm employment opportunities.
EXECUTIVE SUMMARY May 2022 — Innovation moves the economy forward. Innovations are new products, processes, or services that create value for customers. Innovations often signal an improvement over a past model or way of doing things. Innovations can be significant, disrupting the status quo. Many innovations, however, are modest, offering small increases in quality of […]
