MapDash for Economic Development: A Cost-Effective Path to Leveraging Big Data
In economic development, the ability to attract investment, support business growth, and foster community advancement hinges on one critical factor: understanding dynamic local conditions. To do this effectively requires collecting and synthesizing data about all of the distinct components of an area and how they impact the economy. However, for these insights to be valuable, the input data must be actionable, comprehensive, and precise, painting a clear picture of a community's potential.
Traditionally, sourcing and analyzing the many different types of data needed for economic development was time-consuming and costly. To truly understand local market conditions, data is needed about people, businesses, properties, consumer behavior, and more - all of which must be sourced from disparate providers at often prohibitive prices. This is where MapDash™ for Economic Development emerges as a vital tool, offering a streamlined, affordable pathway to harness the vast world of big data for economic development entities.
MapDash is pre-configured with an economic development market opportunity score for every block group in the US.
MapDash is a turnkey location intelligence platform pre-configured with the authoritative data sources needed for economic development analytics. Datasets ranging from demographics to foot traffic to parcels and everything in between can simply be toggled on and off of an interactive map interface, with commonly used geospatial tools such as drivetime and proximity analyses easily conducted in just a few clicks. What’s more, MapDash offers pre-made infographic and report templates to summarize data analysis results for any economic development stakeholders. It’s never been easier to understand the local market conditions of any community in the United States - no data sourcing required.
MapDash makes it possible to synthesize and visualize multiple datasets together to understand dynamic local market conditions and opportunities.
Data: the true power of MapDash
MapDash isn't just a platform; it's a strategic asset tailored to showcase the multifaceted potential of communities to investors, businesses, and policymakers. The platform is packed with rich datasets that are essential for making informed decisions in economic development, such as
Points of Interest Data: With information on over 7.5 million places of interest, MapDash offers an exhaustive view of the commercial landscape, from local businesses to national chains, providing a comprehensive understanding of the economic ecosystem.
Foot Traffic Insights: In addition to knowing where certain businesses are located, it’s important to understand the flow and lifestyle of visitors to those places. This not only paints a picture of current economic activity but also uncovers trends and opportunities for growth.
Household Income Data: By aligning opportunities with the purchasing power and lifestyles of the local population, developers can make informed decisions that resonate with the community's needs, interests, and aspirations.
Demographic Data: Demographics are the heartbeat of economic development. Understanding population growth, employment patterns, and other trends that are critical for planning and investment help ensure that well-rounded decisions are made.
Parcel Data: The spatial relationships and characteristics of land parcels offer a visual toolkit for understanding the physical and regulatory landscape of real estate, providing important guidelines for economic development.
Market Opportunity Scores: Perhaps one of the most powerful features of data for economic development is the ability to synthesize various data points into a coherent index score. Pre-made market opportunity scores rank neighborhoods based on their potential, guiding developers and investors towards areas with the highest likelihood of growth.
Infographic Reporting: The complexity of all of this data is simplified with streamlined infographic reporting, making insights accessible and understandable for stakeholders across various standard geographies like ZIP codes, counties, and more.
MapDash makes it easy to understand how local demographic conditions align with project goals and opportunities.
Enhancing economic efficiency with MapDash
With MapDash, economic development professionals can easily work with this wide variety of data to understand the rich market conditions of any location in the United States, all at an affordable price. As economic development organizations often operate within tight budgetary constraints, cost-effective solutions are essential. MapDash is a single platform for all data and analytics, eliminating the necessity for multiple, often expensive, vendor contracts. This consolidation not only saves money but also time and effort, streamlining the analysis process with easy-to-use tools that do not require complex data science training.
The actionable insights derived from MapDash enable economic development professionals to make strategic decisions quickly and confidently. Whether it's identifying the next area for community revitalization, attracting businesses to underserved regions, or tailoring initiatives to demographic trends, MapDash ensures that every decision is backed by robust data.
MapDash: A Strategic Asset for Economic Development
MapDash for Economic Development stands as a beacon for communities looking to navigate the complexities of economic growth in an informed and strategic manner. By offering an economic and accessible way to leverage big data, MapDash empowers organizations to showcase their community's potential, attract investment, and foster sustainable development.
Having a tool like MapDash that provides comprehensive insights in a cost-effective manner is not merely beneficial—it's essential for progress in an increasingly data-driven world. For economic development professionals, MapDash is more than just a platform; it's a pivotal ally in the quest to uplift communities and unlock new opportunities. To learn more about MapDash for Economic Development, get in touch with the Datastory team.