New analysis highlights the economic competitiveness of counties across the Commonwealth.

HARRISBURG, PA – Fourth Economy Consulting today announced the release of the 2015 Pennsylvania County Competitive Analysis, an assessment of how counties across the Commonwealth are performing economically. At the core, the analysis is based on the company’s Fourth Economy Community Index, which examines both statistical and qualitative factors at the county-level across the U.S. within the economic factors of investment, talent, sustainability, place, and diversity.

“We believe these factors are critical for modern economic success,” said Rich Overmoyer, president and CEO of Fourth Economy. “Economic competition amongst communities for talent and investment is fierce. The more communities are aware of their level of economic competitiveness, the more strategic they can be to advance critical factors that are impacting their growth.”

Overmoyer released the Pennsylvania County Competitive Analysis during his keynote address at the Pennsylvania Economic Development Association’s (PEDA) Spring Legislative Conference (#PEDASpring15) in Harrisburg today. PEDA’s mission is to promote sound economic development policies, provide leading edge economic development education, and nurture an effective statewide economic development network to foster the economic growth of the Commonwealth.

To determine the competitiveness levels of each county, Fourth Economy used its Fourth Economy Community Index comparing each county’s performance in the five factors of investment, talent, sustainability, place, and diversity to the national median. Each county received a competitiveness rating for each of the five factors:

• Counties performing at or below the national median were considered less competitive
• Counties performing above the national median but below the top 25^th percentile were considered competitive
• Counties performing in the top 25^th percentile nationally were considered highly competitive

“Traditional economic elements—like population growth and wage growth—were analyzed, but also nontraditional elements—such as patents secured, farms per capita, and commute times,” said Jerry Paytas, Ph.D., vice president of research & analytics at Fourth Economy. “These factors provide a deeper analysis of what makes a county tick and help support a level of qualitative analysis for each county throughout Pennsylvania.”

Fourth Economy urges, however, that while some counties across the Commonwealth are trending less competitive than they would like, there is much that can be done at regional and state levels to enhance the performance of all counties across Pennsylvania. “With new state leadership and a regional vision, counties across the state can make significant progress in enhancing their position to succeed in our global economy,” Overmoyer said. “The time is now.”

The complete 2015 Pennsylvania County Competitive Analysis can be found at: http://PA.FourthEconomyIndex.com.

About the Fourth Economy Community Index

The Fourth Economy Community Index (www.fourtheconomyindex.com  or  #FECIndex) categorizes counties based on their Census 2012 population. Micro counties are those less than 25,000. Small counties range from 25,000 to 49,999.  Mid-sized counties are 50,000 to 149,999. The large counties are between 150,000 and 499,999, and Mega are 500,000+. The FEC Index then considers several county-level measures within five areas: 1) Investment, 2) Talent, 3) Sustainability, 4) Place, and 5) Diversity. These five areas serve as a foundation for future economic success.  Specific indicators include wage and employment growth, education levels, drive times, home values, minority business ownership, alternative measures of employment / entrepreneurship, and population density. The measures are then weighted based on the level of influence they have on both internal and external investment decisions.

About Fourth Economy Consulting

Fourth Economy Consulting is a national economic development consulting firm specializing in regional economic development and community planning, market analytics, community assessments, and organization building. Our team of experienced practitioners helps businesses, communities and non-profit organizations achieve their market potential. www.fourtheconomy.com