Abstract
Benchmarking against peer and aspirational regions is essential for economic development because it provides meaningful context for evaluating performance and shaping strategy. These comparisons help highlight regional advantages that attract new investments, as well as uncover gaps that may represent opportunities for future growth. ...
This article provides a practical, data-driven framework that economic development organizations can use to identify peer and aspirational regions, strengthen benchmarking efforts, and support strategy development. A case study illustrates how this can be applied to better interpret economic indicators and inform decision-making. For EDOs, this approach offers a more consistent way to evaluate competitiveness, set realistic targets, and identify areas for strategic focus.
Document Type
Article
Publication Date
2026
Recommended Citation
Shuai, Xiaobing and Ford, Riley, "Strategic Peer Region Selection for Economic Development" (2026). School of Professional and Continuing Studies Faculty Publications. 143.
https://scholarship.richmond.edu/spcs-faculty-publications/143
