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June 11, 2013

STEMLER: Turning economic vision into reality

In the sporting world, the following is a common phrase: “If you aren’t keeping score, you are only practicing.” 

A similar sentiment in business offers: “If you don’t measure it, you can’t improve it.”

Indiana’s economic future is a most serious game. It requires keeping score; it demands assessing and evaluating changing circumstances. And continual improvement is simply essential.

The Indiana Chamber, its regional partners throughout the state and the hundreds of Hoosiers who have participated in the development of Indiana Vision 2025 are doing the score-keeping and measuring. The recent release of the project’s initial Report Card is the next step.

Let us tell you a little more about the initiative, this Report Card and what it means for all Hoosiers.

 

What is Indiana Vision 2025?

Developed by a statewide task force of 24 business and community leaders in 2010 and 2011, it seeks to establish Indiana as a “global leader in innovation and economic opportunity where enterprises and citizens prosper.” There are four drivers — Outstanding Talent, Attractive Business Climate, Superior Infrastructure and Dynamic and Creative Culture — that contain 33 goals.

 

What is included in this report card?

There are 60 economic measurements related to the 33 goals. Most include three time periods (example: 2000, 2005 and 2011), ranking Indiana’s performance relative to the other 49 states. There are a few instances in which international comparisons are valid and achievable. In the most recent year for which information is available for all 50 states, the Report Card includes the top five states, bottom five states, Indiana’s score and the 50-state average.

 

Don’t report cards usually come with grades?

They likely will — in the future (report cards will be released every two years). The 2013 version sets the baseline. Two factors must be remembered: It takes time for public policy and other cultural changes to have a statistical impact. Second, while Indiana strives to improve in these areas, so are the other 49 states and countries around the world. But “if we don’t measure, we can’t improve.”

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