UW Launches Center for Business and Economic Analysis | News

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December 18, 2018

The UW Center for Business and Economic Analysis, part of the new Institute for Innovation and Entrepreneurship, will draw on the expertise of faculty members and students from the College of Business. (Photo UW)

Part of the University of Wyoming’s new Institute for Innovation and Entrepreneurship (IIE), the Center for Business and Economic Analysis (CBEA) supports economic growth and diversification of the Wyoming economy through analytics applied economics and business for communities, industries, and entrepreneurs who want a thriving and prosperous Wyoming.

Across the United States, these centers are housed in universities and have served their communities for decades as key regional partners providing economic insights and data analytics. The need for such a center in Wyoming became evident with Governor Matt Mead’s ENDOW initiative and the creation of the IIE.

IIE draws on innovators from across the state as it strives to instill entrepreneurial thinking to build the leaders of tomorrow. By adding necessary programs and bringing together all of UW’s colleges, business services, and entrepreneurship competitions, IIE serves as the gateway to the university for state entrepreneurs.

As part of the IIE, the CBEA’s mission is to: provide professional economic information about Wyoming by tracking and interpreting regional conditions and providing local and national economic forecasts; undertake economic impact assessments; conduct specialized analyses, studies and projects, including advice to investors, decision makers and entrepreneurs; and to study and disseminate population and labor force demographics to support regional development.

“We want to answer regional and national questions from the people of Wyoming,” says Jason Shogren, chair of the economics department at the UW College of Business. “Any business, before it starts, will have to decide where it’s going to locate, how many people it’s going to hire, how much capital it’s going to invest and where it’s going to invest it. Part of the CBEA process is giving them feedback on these numbers.

The CBEA aims to be the trusted destination resource for information about the Wyoming economy, foster strong economic growth and diversification, serve as a bridge of engagement between the UW and the state community at large, and to be nationally recognized as a leading organization among its peers. As part of this mission, the CBEA plans to be flexible and responsive to state and university needs. The CBEA will also provide UW students with service and experiential learning opportunities that have meaningful impacts, increase student placement prospects, and create opportunities for students to live and work in Wyoming after graduation. graduation.

“The idea is to give our students hands-on experience of how you calculate these numbers and try to understand the different trade-offs because once they leave here companies will want them to evaluate different proposals” , says Shogren. “If you gain some experience with business models, your skills increase and make you more attractive to employers.”

The CBEA will serve as a conduit to channel faculty expertise from all corners of the university into applied economic and business projects to benefit Wyoming. It will also develop deep working relationships and communication channels with communities across the state and disseminate economic information and data about Wyoming.

Current CBEA projects include analyzing the economic impact of Laramie Jubilee Days on Albany County; and, in conjunction with the Department of Agricultural and Applied Economics, an analysis of the economic impact of the Casper Events Center.

An analysis of the economic impact on Wyoming of federal funding for the IDeA Networks for Biomedical Research Excellence (INBRE) program, which involves UW and community colleges in the state, is also underway.

The CBEA also provided an analysis of the impending closure of Western Sugar Co.’s sugar beet processing plant in Torrington.

The projects are led by Visiting Assistant Professor Benjamin Cook and College of Business Associate Professor David Aadland.

UW faculty and students have been doing work related to the state economy for many years, and the CBEA brings the work together under one roof to harness its potential and create a visible resource for the people of Wyoming, a said Shogren.

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