{"id":687972,"date":"2024-07-30T05:25:11","date_gmt":"2024-07-30T12:25:11","guid":{"rendered":"https:\/\/www.esri.com\/about\/newsroom\/?post_type=wherenext&p=687972"},"modified":"2024-07-30T05:44:47","modified_gmt":"2024-07-30T12:44:47","slug":"economic-clues","status":"publish","type":"wherenext","link":"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/economic-clues","title":{"rendered":"Mining Economic Indicators for Business Intelligence"},"author":501,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"sync_status":"","episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","castos_file_data":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[313012,479832,471991,489922],"department":[476812],"wherenext-category":[],"industry":[],"class_list":["post-687972","wherenext","type-wherenext","status-publish","format-standard","hentry","tag-business-growth","tag-consumer-trends","tag-market-analysis","tag-state-of-the-consumer","department-business-growth"],"acf":{"short_description":"Data on credit card delinquencies and housing costs can tip business execs to the economic prospects of a location, giving them a planning edge. ","pdf":{"host_remotely":false,"file":"","file_url":""},"flexible_content":[{"acf_fc_layout":"content","content":"For executives and analysts seeking to understand the state of the consumer, economic clues\u2014including data on credit card delinquencies and housing costs\u2014provide helpful indicators."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Snapshot<\/strong>: Companies leveraging location analysis to understand customers can deepen their analysis by examining economic clues\u2014creating a \u201cstate of the consumer\u201d view that guides marketing, pricing, and expansion decisions.","snippet":""},{"acf_fc_layout":"content","content":"Credit card delinquencies have been on the rise, according to studies by the Federal Reserve Banks of St. Louis<\/a> and New York<\/a>. The rise was more pronounced in the wealthiest 10 percent of ZIP codes than in the least-affluent 10 percent (although still lower in absolute terms).\r\n\r\nThe trend in housing costs also varies by geography. While median residential rental prices have climbed to near record levels nationally, they\u2019ve recently dropped in Sun Belt cities, according to Business Insider<\/em><\/a>. The declines range from almost 6 percent year over year in Phoenix to as much as 10 percent in Jacksonville, with San Diego and Austin in between.\r\n\r\nThese economic clues, along with unemployment rates, the consumer price index, the purchasing managers\u2019 index, and other metrics, can presage economic changes. The data feeding the indicators is often geographic, allowing business executives to gauge the state of the consumer region by region, county by county, or even block by block.\r\n\r\nWith the analytical capabilities of a geographic information system (GIS), CFOs, real estate planners, pricing managers, and supplies buyers can apply location intelligence<\/a> to make smarter decisions about how and where they\u2019ll grow the business, giving them an edge on competitors.\r\n

Making Geographic Sense of Economic Clues<\/strong><\/h3>\r\nForward-thinking businesses routinely analyze economic and demographic data to build a competitive advantage.\r\n\r\nOne dental practice<\/a> that has expanded to 140 locations across nine states uses GIS to examine each area where it might grow. The economic and demographic factors executives consider include population density, population growth rates, annual incomes, education levels, even purchase patterns for consumer dental products."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Right","content":"Related Read:<\/strong>\r\n\r\n\/\/ How CEOs<\/a> use location intelligence","snippet":""},{"acf_fc_layout":"content","content":"Decision-makers also analyze dentist-to-population ratios to determine ideal office locations and examine traffic flow to optimize the placement of billboard ads.\r\n\r\nSmart maps<\/a> that include demographics and economic indicators can justify decisions about where and how to reach customers, including whether they are entrenched in an area, moving in, or moving out.\r\n\r\nIn contrast to charts and spreadsheets, GIS maps show precisely where customers are likely to be.\r\n

Cross-Referencing Customer and Economic Data <\/strong><\/h3>\r\nAcross the corporate world, companies use GIS to uncover advantageous patterns in datasets.\r\n\r\nDeclining residential rental rates could be a sign that an area\u2019s population is shrinking. To gain greater context, a GIS analyst<\/a> might integrate this economic indicator with data on company sales in those regions. Correlations that might be hard to discern in a spreadsheet stand out on a map.\r\n\r\nFor credit card delinquencies, the national trend may be up, but regional variations can be pronounced. Knowing the severity of the rise in each area can help businesses adjust credit policies, shift marketing to attract price-sensitive consumers, or develop new products.\r\n\r\nOrganizations that analyze the geographic reality behind today\u2019s economic clues\u2014including public data, consumer demographics, and company performance\u2014have a distinct advantage in localizing their customer outreach and staying ahead of the trends."}],"references":null},"yoast_head":"\nEconomic Clues Steer Executives toward Growth Opportunities<\/title>\n<meta name=\"description\" content=\"Location analysis makes sense of economic clues and consumer patterns, helping decision-makers react to changes in the market before competitors can.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/economic-clues\" \/>\n<meta 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