Taking the Pulse: Economic Development Survey 2024

Vistity is excited to announce the launch of the “Taking the Pulse: Economic Development Survey 2024,” a research initiative aimed at uncovering how Place Management Organizations— Business Improvement Districts (BIDs), Convention and Visitors Bureaus (CVBs), Economic Development Offices (EDOs) and Destination Marketing Organizations (DMOs) across the United States leverage data and reporting to drive economic growth. This project seeks to identify best practices, challenges, and technological needs, ultimately providing valuable insights that will shape future strategies and solutions.

The “Economic Development Survey 2024” has several key objectives:

  1. Understand Current Practices: Gain a detailed understanding of how destinations monitor, analyze, and report on economic development activities.
  2. Identify Challenges and Needs: Pinpoint common challenges destinations face in data management and analysis, and identify specific tools or data they need.
  3. Strengthen Industry Awareness: Help executives and leaders seeking data-driven solutions in urban economic development learn from each other.

Why We Are Doing It

The landscape of urban development is increasingly driven by data. With the sheer volume of data available, delivering it in an easy-to-understand format can provide a competitive advantage. Combining data with maps, aerial imagery, and content allows for quicker, data-driven decisions, aiding in securing major investments from developers, investors, and businesses, while also attracting new residents and tourists. Through this survey, Vistity aims to:

  • Establish a baseline understanding of data usage in economic development across different districts.
  • Foster a deeper connection with BIDs by addressing their specific challenges.
  • Utilize the insights to drive product innovation that is directly informed by the needs of BIDs.

Our approach to this research project includes:

  1. Data Collection: Conduct structured interviews with representatives from BIDs, CVBs, EDOs and DMOs, using a standardized survey format.
  2. Data Analysis: Analyze the data to identify trends, challenges, and opportunities.
  3. Reporting: Compile findings into a comprehensive report to be shared with participants before its public release.
  4. Feedback: Leverage the findings to enhance Vistity’s tools and develop new features based on survey feedback.

The findings from the “Economic Development Survey 2024” will be officially released at the 2024 International Downtowns Association Annual Conference, scheduled for September in Seattle. Participants in this study will be recognized for their contributions, highlighting their commitment to advancing economic development within their districts. This recognition will provide additional exposure and acknowledgment for their efforts in front of an esteemed audience of urban development professionals.

Who’s Participating

Candidates for this study includes Place Management Organizations such as BIDs, Convention and Visitors Bureaus (CVBs), Economic Development Organizations (EDOs), and Destination Marketing Organizations (DMOs). These organizations share the common goal of enhancing and promoting specific geographic areas, whether for economic development, tourism, or community engagement.

Invitation to Participate

If you are a part of a BID or any Place Management Organization and have valuable insights or information to share regarding the use of data and AI in economic development, we invite you to be a guest contributor to our study. Your participation will not only contribute to a broader understanding of the industry but also provide your organization with recognition and valuable insights that can drive future growth and innovation.

“Taking the Pulse: Economic Development Survey 2024” is a cornerstone of Vistity’s mission to empower urban districts through innovative, data-driven solutions. By understanding the needs and challenges of BIDs, Vistity not only enhances its product offerings but also strengthens its relationships with key stakeholders in the urban economic development sector.

About Vistity

Vistity is a pioneering technology company dedicated to transforming how cities and business improvement districts engage with their spaces and stakeholders. Leveraging cutting-edge geospatial visualization technology, Vistity provides immersive digital tours and detailed aerial views that enhance urban economic development. Our solutions empower real estate developers, city planners, and economic development professionals to visualize potential and make informed decisions. With a commitment to innovation and excellence, Vistity continues to lead the way in digital urban exploration, helping cities around the world become more connected, accessible, and vibrant. For more information, visit Vistity.

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