New Tool Developed For Identifying The Best Regions To Grow And Expand Business

Oct. 27, 2009 - PRLog -- Rochester, NY-based Greater Rochester Enterprise has created a new formula for measuring a region’s potential for productivity and sustainable economic prosperity, the Intellectual Density Quotient (IDQ).  IDQ assesses the talent of a region’s workforce and capacity for innovation, creativity and problem solving by comparing its population to national rankings in a core list of recognized standards and achievement. The national data is drawn from the Bureau of Labor Statistics, the U.S. Department of Education, the U.S. Census Bureau, Forbes Magazine and the Great Places to Work Institute.

“A key tenet of a company’s success is the talent of its employees,” said GRE President Mark S. Peterson. “IDQ is a formula businesses that are looking to relocate or expand can use to assess the abilities of every region’s workforce in the country.”

Rochester, N.Y. ranks highest, with an IDQ of 46.8. The area’s #1 rating is based on the sum of the following factors:
•   Patents issued per 1,000 residents (2.76)
•   Percentage of population classified as knowledge workforce (25.3)
•   Percentage of population currently enrolled in college (5.2)
•   Number of #1 and Top 10 “Best Companies to Work For “ (13.5)

“IDQ proves that Rochester is a place where smart people live and smart businesses grow,” Peterson added. “A high IDQ creates a contagious culture of success, a culture that is pervasive here in the Rochester Region.”

The rating rings true for Callfinity CEO Jeff Valentine.

“IDQ sums up one of the main reasons we decided to expand our operation in Rochester,” said Valentine. “The high caliber of the local workforce comes without the high labor costs associated with a big city.”

Rochester outperforms communities five times its size. San Jose, CA’s IDQ rating of 44.52 ranks second to Rochester. Denver, CO, Durham, NC, and Oakland, CA, round out the top five IDQ regions in the country. Data is available for the top 60 metropolitan areas in the country at www.rochesterbiz.com/IDQ

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About Greater Rochester Enterprise:
Located in the heart of New York’s technology corridor, Greater Rochester Enterprise (GRE) is a public-private partnership established to professionally market the Rochester metropolitan region as a competitive, high-profile place for business location and growth. Its efforts support business attraction and expansion, as well as entrepreneurship and innovation. GRE collaborates with businesses, universities, not-for-profit organizations and government leaders to ensure a unified approach to regional economic development. For more information, please go to www.RochesterBiz.com.