Economic Development and Incentive Strategy Evaluation
The State of Maine had developed a suite of policy and investment tools aimed at attracting investment and at meeting its overall economic development goals. These tools were of varying levels of importance due to changing economic conditions and specific requirements of businesses. These needs and targets changed over time, and the toolset had to be evaluated and updated accordingly.
ICA worked with the Department of Economic and Community Development to create a comprehensive R&D Biennial Progress Report, as well as an Evaluation of Investments in Economic Development. Deliverables included biannual reports, one due in February and an overall evaluation report due in May. As part of the preparation work for these reports, ICA conducted close to 60 interviews, ran several cost models, a reverse site selection model, several benchmarking studies, and more. The project also includes ongoing testimony in front of various State Legislature groups.
The reports outlined the return on investment of the various programs; evaluated each as component of the State’s overall economic development strategy; and provided specific actions for altering, adding, or eliminating programs to enhance the state’s competitiveness.