AdvanceCT’s hometown of Rocky Hill reached out to AdvanceCT for research and data to help the town’s economic development professionals target their business retention and recruitment efforts to attract the industries and retailers most likely to grow and succeed in town. The town was interested in answers to questions such as: What is the current industry mix? Which industries are growing and which are shrinking in the Rocky Hill region? What industries are most likely to thrive in Rocky Hill? What is the current retail landscape? Which types of retailers are needed to meet local demand?
AdvanceCT researchers examined a variety of demographic, economic and sales data and performed various economic analyses to provide Rocky Hill with answers to these, and related questions. Specifically, AdvanceCT conducted an economic base analysis, a targeted industry and cluster analysis and a market opportunity analysis.
- An economic base analysis identifies the industries that have the largest relative shares in the economy
- A targeted industry and cluster analysis determines which industries have growth potential in the region and which of its suppliers are needed in the area
- A market opportunity analysis examines retail supply and demand to understand which segments have an oversupply of businesses, and which do not have enough of a concentration
Applying the various economic models and analyses identified industries with good prospects for growth in the Rocky Hill region; industries with strong growth potential as well as more mature industries that also have some potential for growth. Examining the retail landscape and applying aspects of a market opportunity analysis identified opportunities for more retail options to attract area shoppers. The analyses also revealed that retail supply, in certain segments, is currently exceeding consumer demand in the Rocky Hill area and shoppers are coming in from elsewhere and supporting these establishments.
In addition to AdvanceCT presenting the results to the Economic Development Commission, the town will use these insights to identify opportunities and determine how to focus its economic development efforts for maximum effectiveness.