Measuring the Success of Rockforward!

The goals of Rockforward! are methodically tracked through many metrics, which we have highlighted in this report, including: net new primary jobs and jobs recruited; per capita income; international exports; GMP increase (including RAEDC’s impact on GMP); population growth; economic development exposure; development ready land parcels; and numerous internal measurements to evaluate the effectiveness of the RAEDC’s marketing and recruitment activities. The RAEDC utilizes a wide array of statistical resources to produce these metrics, including the Illinois Department of Employment Security, the U.S. Department of Commerce, the U.S. Census Bureau, the U.S. Conference of Mayors, Northern Illinois University, and our own Voice of the Customer Reports.

To view our latest Annual Report for 2008, click here.

Evaluating 2008 Results

As 2008 draws to a close, we must accept the recent severe economic downturn and adjust our models accordingly. An annual fixed rate of growth may no longer apply. With this said, we are able to make two observations regarding Rockforward!’s primary metrics.

First, jobs remained relatively constant in most major industries through the first 10 months of 2008, using a 12 month moving average statistic, with an anticipated decline in the last two months, which is consistent with regional and national trends.

Second, since statistics from the U.S. Conference of Mayors are produced 24 months in arrears, we are unable to determine the exact impact of the current economic situation on our region’s GMP. We can, however, point to results from 2008 client projects managed by the RAEDC and our regional partners, which indicate that we were on track to achieve an increase in GMP consistent with our goals prior to the unprecedented economic downturn.

1,559 new jobs were created in the Rockford Region by existing and new employers in 2008, compared to 1,240 new jobs in 2007—a 26 percent increase. Nearly $163 Million of capital investment was made in 2008, compared to $78.5 Million in 2007—a 108 percent increase. And, over 1.2 Million square feet of space was added in 2008, compared to 1 Million square feet in 2007—a 21 percent increase.