What are the Economic Area Reports?

The Federal Economic Area Report and Local Economic Area Report support NAR member outreach in government affairs and economic development. Economic Area Reports are a powerful and attractive presentation of economic and consumer data. These reports are available to Association staff such as Governmental Affairs Directors (GADs) and NAR members who serve as Federal Political Coordinators (FPCs).

The Federal Economic Area Report provides Federal legislators with insights into the economics and demographics of their congressional district or state. The Local Economic Area Report, which can be generated for a local geography like a ZIP code, city or census block group, a custom area or a state legislative district, provides local and county officials insights into the demographics and trends in their local area and supports county and regional economic analysis for planning and growth. The reports focus on consumer metrics, economics trends and demographic change.

 

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Report contents include:

  • Economic trends and forecasts
  • Econometric data, consumer behaviors and business segment analysis
  • Consumer spending and demographic data
  • Population trends
  • Home valuation trends

The reports are accessed via a portal called Data Tools that also contains the MLS and Association Dashboards and Broker Tools.

 

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Users generate a report of their choosing by first selecting the federal or local version and then entering a geography or saved area. Choosing elements to include in the report and to display on the report cover is consistent with the functionality of all RPR reports.

A map tool allows users to create a report for a custom area. As shown below, the user can define the geographies to use or can also draw a custom map area combining whole ZIP codes, census block groups or other available geographies to yield a report for the unique area of interest to the user. In step one of the map tool, the user selects which Geography to view and the Map Wizard outlines these on the map.

 

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In step two, the user sees the Townships (or other geography selected by the user) that correspond to the area and selects which to include. Components can be deselected or added before running the report.

 

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Each particular search can be saved and used again in the future.

 

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The section of the Economic Area Report detailing an area's Tapestry segments—based on demographic information from Esri—provides a unique and colorful snapshot of who lives in a neighborhood. You can see at a glance the dominant demographic groups in the area and essential data about those groups, such as their age and household size, net worth and median home value.

Note that each segment contains either a majority of homeowners or a majority of renters. Where homeowners make up the majority, a median estimated home value is provided. Where renters are the majority, an average monthly rent is displayed. This grid provides the overview of Tapestry segments:

 

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