GETTING STARTED – PART 6/6
YOUR FIRST ANALYSIS
The CVSuite offers a variety of data about your creative economy covering both the for-profit and nonprofit sectors. After orienting yourself with the tool, using our Get Started Guide, it’s time to start gathering some insights about your region. Every analysis starts with a question whether it is simple and broad or complex and detailed. Start thinking about what you would like to learn about your region. Below are a few different types of analysis you can perform and the data you can use to answer your question. This article is dependent on concepts learned during the getting started articles part 1 through 5. For a more in-depth tutorial on how to perform these types of analysis check back later for our analysis section coming soon.
You will learn:
- Questions you can answer
- Framing your first analysis
WHAT IS HAPPENING IN MY CREATIVE ECONOMY?
Knowing the status quo in your region is a great place to start your creative economy analysis. Your essential creative economy statistics are the amount of money generated from creative industries, the number of jobs within your creative industries, and the size of your nonprofit sector. The CVI value can also be used to gauge your economy to the nation or other comparison regions. Evaluating your largest industry and occupation groups can demonstrate the largest contributing sectors to your local region.
- Total industry earnings
- Total occupation jobs
- CVI Value and trends in CVI for past 5 years
- Total Nonprofit Revenues
WHAT ARE THE DRIVING INDUSTRIES AND OCCUPATIONS?
Evaluating which industries and occupations are vital to your region will help guide your strategies and future planning. The size of an industry, such as the total earnings generated or the number of supporting jobs, can show you which industries are contributing the most to the economy. In addition, you can look at the location quotient to help you determine if industry jobs are more concentrated than other regions. The location quotient measures how concentrated a region’s local jobs are compared the national average. By identifying what industries and occupations have a location quotient greater than one, you can find what makes your region unique. You can also identify which occupations and industries have jobs greater than 50, which will ensure that there is a significant size of jobs available in your region. Analyzing the change in location quotient over the past 3-5 years can help identify growing and declining sectors in your economy.
- Industries with LQ greater than 1 and jobs greater than 50
- Occupation with LQ greater than 1 and jobs greater than 50
IS MY REGIONS ECONOMY GROWING?
Tracking trends in CVSuite is an important part of measuring your region’s growth trajectory. It’s worth looking at both the 3-year and 5-year trends to analyze potential long-term and short-term changes. This analysis is similar to the “what is happening in my creative economy” analysis except you are pulling data for the 3rd and 5th year before the current year. You can then compare this with the current year’s data to examine whether your region’s local economy is on a growth pattern, stagnant, or in decline. Whether the trend is up or down, digging deeper into the data and analyzing which industries and occupations may be contributing to that trend will give you a better understanding of the driving factors that influence your region.
- Change in total industry earnings past 5 years
- Change in total occupation jobs past 5 years
- Change in nonprofit revenues past 5 years
- Change in nonprofit establishments past 5 years
- Compare to another comparison region
IS THE CREATIVE WORKFORCE DIVERSE?
Research shows that diversity in the workforce brings new perspectives and values that drive innovation and creativity. Extending leadership opportunities and supporting distressed communities is at the heart of arts policy and values. With the CVSuite you can examine the differences and sometimes gaps in diversity from the population and workforce demographics. Comparing your demographics to the nation can reveal interesting facts about your community that adds to the uniqueness within your region.
- evaluate population demographics
- evaluate industry jobs demographics on race/ethnicity, gender, and age
- evaluate occupation jobs demographics
HOW MUCH DOES THE GIG ECONOMY CONTRIBUTE TO THE REGION?
The gig economy refers to an international trend where people can work remotely anywhere in the world, entrepreneurship opportunities enabled by easy access to internet services, and interests in multiple sources of income. Artists and creatives, who are amiable to new opportunities, are at the forefront of this movement. By selecting experimenting with our class of workers settings, you can examine just how much self-employed and extended proprietors contribute to your local economy. Depending on the current trends and outcomes, you may consider how your organization supports this emerging workforce.
- Total industry jobs
- Total industry jobs (self-employed)
- Total industry jobs (extended proprietor)
- Total occupation jobs
- Total occupation jobs (self-employed)
- Total occupation jobs (extended proprietor)
MORE TUTORIALS AND RESOURCES