The U.S. Commerce Department Economic Development Administration (EDA) will extend a $495,000 grant to Portland State University in Portland, Oregon, to develop triple bottom line metrics for economic development professionals. This system will allow professionals to accurately assess the effect of economic development efforts.
"A metric for identifying the impacts of economic development initiatives on regional economies is essential to strengthening our nation's competitiveness," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA grant will enable policymakers and practitioners to effectively understand how to assess the triple bottom line of various economic development activities."
Triple bottom line accounting, which is readily used by corporations, is not as common among economic developers. This method considers economic costs and advantages, as well as environmental and social effects. Portland State University will publish its research as an interactive Web tool and published report.