MDB Insight Blog

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BR&E: Attract Investors to Your Economic Development Region

For economic developers, hindsight is always 20–20. But while you can’t go back and change the past, you can make better decisions now.

We don’t have a crystal ball to tell us what is going to happen. But we do have real-time data collection tools with predictive potential to help you understand what your community is likely to need in the near future and to allow you to make better decisions based on these projected needs.

Knowing what your community needs — and making proactive decisions to attract the right kind of investors and site selectors to your community based on this information — will help keep your community competitive in the long run.

Questions like:

  • What businesses should I be targeting to invest in my community?
  • How do I plan for future job needs? And,
  • How do I keep my community competitive?

are important and help to guide your approach to your community’s present and future economic development needs.

A BR&E program supported by real-time data will give you the information you need to make better-informed decisions.

Better Planning for Economic Development Plans With Real-Time BR&E

The best BR&E programs go beyond traditional one-dimensional BR&E to give you a multidimensional view of the present health of local businesses in your community, as well as challenges they will likely face in the future.

Unlike traditional BR&E programs — which take longer and only give you data that is relevant now, or was relevant in the past when it was collected -— MDB Insight’s Triage BR+ETM gives you real-time data before you need it, so you can actually plan ahead with confidence.

With this real-time data you gain insight into:

  • The present state of businesses in your community
  • Possible challenges to come
  • How the business and economic landscapes may change in the coming months

Real-Time BR&E + Real-Time Labour Reports = Maximum Impact

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Real-time BR&E gives you the insight to plan ahead. But combined with other real-time labour market information tools, such as MDB Insight and Vicinity Jobs’ Regional Labour DemandTM and Regional Labour SupplyTM reporting systems, your economic development planning can be more strategic than ever.

Real-Time Labour Reports allow you to:

  • Know what skilled labour is available at any given time
  • Gauge what jobs are available now and will likely be available in the future
  • Gauge what skills employers require now and will likely require in the future

Combined with real-time BR&E, this data allows economic developers to prepare the best strategies sooner, including cultivating strategically beneficial relationships with investors and site selectors to keep your community competitive.

Learn more about workforce trends: download this e-book to keep up-to-date with the most recent Canadian workforce data.

Trends in Workforce Development Infographic CTA

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