Make Your Community Stand Out... It's As Easy As B.R.A.N.D. 

by Rachel Selsky, Senior Economic Development Specialist

Whether looking to develop their industrial base, attract new tourists or encourage downtown revitalization, one of the most important components of an economic development strategy is the establishment of a "brand".  As more and more communities fight for limited dollars, creating a positive and recognizable brand has become much more important. The brand should invoke positive thoughts that clearly and concisely describe the unique characteristics of the community and why, among all the other choices, this place is a desirable destination. 

Interested in tips for creating a successful brand?  Click here to read more.

Economic Analysis Proves Key to New York Islanders' Stadium Issue   

REPRINTED WITH PERMISSION from Economic Modeling Specialists, Inc. 

In professional sports markets across the US, it's a heated and weighty topic: how should new stadiums and arenas be financed? Team owners have traditionally looked to taxpayers through massive bond measures, while a few communities have put the onus on ownership.

In Nassau County, New York, the proposed financing solution blends both approaches.

County executives and Long Island's only pro sports team, the New York Islanders of the National Hockey League, have hashed out a unique public/private partnership to help fund a new $350 million arena. The lease for the Islanders' current facility, 40-year-old Nassau Veterans Memorial Coliseum, runs out in a few years and the Islanders, with limited revenue potential, would likely leave Long Island without a new arena.

Camoin Associates, a private and public sector economic development firm based in Saratoga Springs, New York, was brought in by Nassau County to analyze the impact of the deal that would see the county float $350 in general obligation bonds and get in return 11.5% of revenue generated at the arena from hockey games and other events.

The key question posed to Camoin Associates: what would the agreement for the sports-entertainment center mean to the Nassau County economy? The answer, derived in part through EMSI's economic impact model, was striking.

To read more about how Camoin Associates used EMSI in its analysis, click here.

Featured Indicator: Top Twenty-Five States and U.S. in Percent of Gross State Product Growth - 2009-2010    

by Justin Gifford, Operations and Communications Manager

This indicator shows the top twenty-five states and the United States in percent of growth in gross state product (GSP) between 2009 and 2010.  North Dakota increased at a much stronger rate compared to all other states, with a growth of almost 10%.  Alaska and Louisiana also ranked significantly higher at 7.11% and 6.70% respectively.  Indiana, New York and West Virginia were all right along the 6% line.   

To learn more about this indicator, please click on the graphic above. 

 An Updated Vision for Scarborough, Maine     

 by Jim Damicis, Senior Vice President

Scarborough has always been a community that is a great place to live, work, do business, play and vacation.   To ensure that it remains known for this, a vision committee was established that created a plan with 10 visions such as marketing Scarborough to potential businesses and residents and keeping the cost of doing business in town reasonable.  These visions also included sets of goals that are necessary for the visions to be realized, and implementation steps to achieve these goals have recently been added.  Jim Damicis and Justin Gifford of Camoin Associates provided considerable volunteer time and expertise for the development of the Town's Vision.   

To read the full article about the update to Scarborough's Vision and find a link to a PDF of the vision document, please click here.