Experts share their insights on the Coastal Economies App to help economic development professionals, community leaders, and investors get started with the visual tool.
With his experience in building visual tools for public services, Sasha Bogdanovic, CEO and Co-founder of CityViz, led the development of the Coastal Economies App to empower decision-makers at the local level.
Holding a master’s degree in computer science, Bogdanovic has dedicated his career to data products that help decision-makers make fact-based decisions. Early in his career, he worked on software development of business intelligence and reporting applications, but after completing a Data Science Specialization at John Hopkins University, he pivoted to creating more visual and user-friendly tools that distill large data sets into actionable insights.
“My biggest take away after creating a visualization of the BC Housing Market with BC Stats, is I can deploy my expertise for the public service and really help communities become more resilient” says Bogdanovic, “This drives us to do our best to create products to add value for our public policy makers, economic developers, and other key players.”
Economist Jamie Vann Struth is an early Coastal Economies App user. He spent 25 years consulting in community economic development across British Columbia before joining Deloitte to expand his career nationally.
“There are other economic impact tools that I could use,” says Vann Struth, “but this one is customized for BC and packaged in a way that is specific to rural areas in the province.”
Vann Struth is familiar with the Island Coastal Economic Trust and our core work. He has previously partnered with the Trust to create economic models including conducting analyses for project investment outcomes. He’s done similar work for economic development projects across the province, and he teaches a course on economic data at the British Columbia Economic Development Association’s Leadership Learning Exchange.
“The session I teach is about finding and using stats,” says Vann Struth, “and this year I will use this tool as an example because it’s a great new resource for rural communities to understand the impacts of local projects and industries.”
Both Vann Struth and Bogdanovic shared advice on how they believe the app can best be used to lead project developments. Here are their recommendations:
Zoom In at the Local Level
The Coastal Economies App uniquely blends macroeconomic and census data to help users explore and understand local economies. Featuring 24 local areas, the Coastal Economies App provides equal representation for both large urban centers such as Victoria, Nanaimo, and Courtenay, and smaller communities including Port Alice, Port Hardy, and Ladysmith, along with rural communities surrounding population centres.
“It’s rare to access such advanced indicators at a local level,” said Bogdanovic. “This really helps illustrate the local economy, particularly in rural settings.”
Understand What’s Actually Happening Within a Community
Community economic development incorporates many considerations that go beyond simple Gross Domestic Product (GDP), jobs, and investment measures. Our own impact investment priorities at the Trust are focused on strengthening wellbeing by prioritizing investments that create economic prosperity, social empowerment, cultural vitality, and environmental sustainability across diverse industry sectors.
“I’ve always found that a big part of an economic development job is educating the community,” says Vann Struth. “This data lets you have a black and white picture of the community and how it’s evolving over time.”
This accurate financial data is an essential tool that reveals what’s truly happening within a community. For example, local economic data can be used to inform community members about shifts in employment, such as growing industries or declining sectors, as well as emerging investment opportunities.
Discover Emerging Trends
Using the Coastal Economies App, you have the ability to track changes between the 2016 and 2021 census periods, enabling you to monitor economic shifts across this 5-year period.
“Unlocking the percentage changes from 2016-2021 really shows where things are growing or not,” said Bogdanovic, “and small percentages can represent opportunities where industries are just getting started.”
Bogdanovic emphasized the importance of looking beyond percentages, recommending users compare employment growth percentages with total job growth to fully understand an industry’s scale and potential.
The app will be updated each time BC stats releases an updated economic model, to allow even more in-depth analysis over time. Updates will happen seamlessly, providing users confidence they’re using the most recently available information.
Demonstrate Value of an Upcoming Project
When seeking funding for a new project, a solid business plan that emphasizes sustainability is essential. By using the app, you can go beyond just presenting a business case—you can back it up with real-time, localized economic trends that paint a clear picture of the community’s current and future economic landscape.
“If you are applying for funding on a project,” says Vann Struth, “this tool allows you to highlight the expected impact on the local economy based on existing industry strengths.”
Data from the app can help forecast your project’s potential, allowing funders to better understand how your project will fit into the broader community, and how it can drive lasting economic benefits. For example, using localized employment trends could demonstrate the need for a new infrastructure project to keep skilled tradespeople active within a community.
Unlock Potential Regional Collaborations
The Coastal Economies App provides detailed insights at both the regional and local levels, helping communities understand their own strengths and gaps.
“There’s a lot of differences in economic strengths across the region,” said Vann Struth. “This tool highlights which sectors are dominant in each area, making it easier to pinpoint opportunities for growth.”
By identifying similarities and differences between communities or regional districts, the app unlocks opportunities for collaboration. Whether it’s strengthening an existing industry or filling gaps in services, communities can use this data to bolster regional initiatives and foster new partnerships.
Understand Stats-based Anomalies or Challenges
Not to dwell on the negative effects of the pandemic across Vancouver Island and the surrounding coast, but it is important to understand its lingering effect on existing data.
“Along with the advantages that app provides, there is one caveat,” said Bogdanovic. “The most recent census was conducted in the middle of the pandemic, when the government put its effort into supporting the affected workforce.”
This is reflected in a variety of ways that, especially within employment statistics including total jobs within industries that experienced temporary shutdowns, like tourism, as well as Income Dependencies, which show higher-than-expected dependency on Government Transfers.
Understanding these anomalies is key to making informed decisions, but the app remains a critical tool for guiding long-term development strategies.
Launch the app and start exploring it’s potential
CityViz led the development of the Coastal Economies App. They also created similar tools for both the Economic Trust of the Southern Interior, and Northern Development Initiative Trust. It is designed to complement existing tools, including Vancouver Island Economic Association’s State of the Island Economic Dashboard that shows detailed information about Vancouver Island’s economy across four categories.
