Economic Scenario Analysis
City of Perth | 2017
- Economic Development Strategy
- Cluster Analysis
- Best Practice Benchmarking
- Stakeholder Engagement
Pracsys was engaged by the City of Perth to shape the focus of economic development within the City and suggested potential new directions for growth, as a precursor the City’s revised Economic Development Strategy for 2017.
We began this Project by profiling the City, benchmarking to other Australian and international capital cities through global indexes covering economic strength, liveability, cost of living, environmental quality and transport. Economic cluster analysis was then employed to identify strong clusters of traded industry activity in the City of Perth. Extensive consultation was conducted with key stakeholders across all sectors to identify several plausible futures for each sector and assess capacity for pivoting in response to external trends.
We developed a triple-bottom line scenario model to assess the effects of plausible future scenarios for each sector of employment. The outcomes provided insight into locations that are currently of high importance for the overall performance for the City. It examines potential futures for a range of sectors and their implications, enabling the City to better target economic development strategies.