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CVSuite Presents DataEd: Methods of Evaluating the Creative Economy
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CVSuite Presents DataEd: Methods of Evaluating the Creative Economy

Music from premiumbeat.com Music: Bright Ideas by Taizo Audio To read a full transcript of the video, see below: Welcome to DataEd, an exploration into the creative economy and data analysis. In our last videos, we discussed the philosophy of defining the creative economy, and some of the data sources that are available to the field. In this video we will build on what we’ve learned and dive into the methods of evaluating the creative economy. Now that we understand the data sources that make up the building blocks of our creative economy we can begin to evaluate it. There are two established ways to measure an economy: industry performance or comparative value. You can even use a combination of the two. Industry performance is the collection of economic and financial data across a specific industry or set of industries. This is used to convey the size and scale of the industries that make up your creative economy. Descriptive metrics such as earnings, sales, or jobs numbers are the statistical building blocks of your region. Using these metrics you can see patterns such as year over year trends that give context to this data. Success is often measured in how much an economy has grown and historical data is used as a baseline. Visualizing this growth is a key component of performance measurement. Along with historical trends, rate of growth is another descriptor of performance. The graph shows the growth of creative occupations in a region by percent of change. What’s important to understand in this graph is that a downward trendline doesn’t mean a loss in jobs, it means jobs have grown less than the previous years. Only when you dip into negative digits does it indicate a loss in occupations. The second method of evaluating your creative economy is by using comparative values. Comparative values are the comparison of an industry’s economic performance to that of other industries or to the economy as a whole. The easiest way to use the comparative value method is by comparing your region to other regions. The CVSuite’s Creative Vitality Index or (CVI) is a tool that enables analyzing regions by comparative value. The CVI allows regions to be compared with one another against a national average by looking at three specific data points that demonstrate a region’s economic performance: the number of creative jobs, industry sales, and non-profit revenue. Comparing the national average is standard practice, but it can also be valuable to analyze comparisons of similar regions. When you combine a clear definition of your creative economy, properly vetted official data sources, and an understanding of various methods for evaluating your region’s creative economy, you can put together a compelling data driven call to action. DataEd - smart, simple, effective.
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