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'''Economic base analysis''' was developed by  [[Robert Murray Haig]] in his work on the [[Regional Plan of New York]] in 1928. Briefly, it posits that activities in an area divide into two categories: basic and non-basic. Basic industries are those exporting from the region and bringing wealth from outside, while non-basic (or service) industries support basic industries. Because of data problems, it is not practical to study industry output and trade flows to and from a region. As an alternative, the concepts of basic and non-basic are operationalized using employment data.
Positioned just next to the American Faculty is CENTURY WOODS, an property with 97 terrace houses with built-up areas in average of three,one hundred fifty sq. ft and land areas between 1,615 sq. ft to four,250 sq. ft. By American standards these terrace homes are not large, however the detached bungalows characteristic, small gardens, a small swimming swimming pools and basketball boards in the driveway.<br><br>a. A property held by 2 or extra persons as joint tenants means that upon the dying of 1 joint proprietor, his curiosity within the property is taken over by the surviving proprietor(s). The joint proprietor could not will away his interest within the property to others in his Will. a. In the occasion the Grantor (individual giving the property) dies inside 5 years form the date inserted within the Deed of Gift, property obligation shall be attracted on the whole of the property as if it is still fashioned a part of the Grantor's estate (part eight, Estate Responsibility Act, Cap. 97) Property tax is a wealth tax levied on property ownership. It isn't a tax on rental earnings. It is thus levied on the ownership of properties, regardless of whether the property is occupied or vacant. Lease Property District 02<br><br>Shopping for a property via an accredited estate agency is preferable because it ensures that your pursuits are protected. For more details on foreign possession of residential properties under the RPA, go to the Singapore Land Authority website Short-Time period Lodging The Singapore Tourism Board website lists a complete listing of places to stay and their estimated value vary. With respect to this, most market players have the impression that property costs in Singapore are barely decrease than costs in Hong Kong. So if Hong Kong's property costs fall, Singapore's property prices may fall as well. www.OneSentosa.com is a division of Teakhwa Real Property Pte Ltd. A Licensed Actual Property Firm in Singapore Identification of the property supplied for sale<br><br>Property patrons from China might not continue their shopping for spree in Singapore. As it is, I'm beginning to hear from some Chinese enterprise homeowners that there's rising difficulty for them to obtain loans in China. And some of them already know of mates who're starting to have cashflow problems in China. So if China enterprise house owners have cashflow problems, do you think they are going to have the flexibility or willingness to proceed snapping up properties in Singapore in 2012 and 2013? In all probability not.<br><br>First, there are generally extra rental transactions than sales transactions, to allow AV to be determined for every property based on comparable properties. Second, actions in sale prices are more volatile than leases. Hence, using rental transactions to derive the AV helps to maintain property tax more steady for [http://praetori.net/activity/p/274790/ property Launch Singapore] homeowners. If you are buying or trying to hire a property. It is tiring to call up individual property agent, organize appointments, coordinate timing and to go for individual property viewing. What most individuals do is to have a property agent representing them who will organize and coordinate the viewings for all the properties out there based in your requirements & preferred timing. Lease Property District 12 Lease Property District 13<br><br>However lately they have been moving up market, brokers say. The present in-vogue constructing among the many Chinese is Central Park's One57, a new skyscraper designed by Pritzker Prize-profitable French architect Christian de Portzamparc, the place they'll spend $18.85 million for a three-bed room or $55 million for an condominium taking on the whole 81st floor. The building comes with the entire amenities of a 5-star hotel. Shanghai businessman Wang Jiguang has already picked up two homes in one other main Australian metropolis, Melbourne, and one house in Sydney. "My youngster is going to study overseas, and we are just making ready some overseas belongings for our youngster, which might be much less dangerous," Wang mentioned in a phone interview from Shanghai. Uses in Hair and Skin Care<br><br>Eight of these new initiatives bought less than 10 % while two didn't handle to sell any unit since their launch last yr. It intends to buy the belongings as a part of its strategy to construct a portfolio of properties with the goal of itemizing them as a Reit on the Singapore Change (SGX). It is simple to buy what everyone agrees is a good property. Fantastic location, good facilities, simple accessibility and so forth. The problem is every different investor will likely be attempting to purchase the identical thing, thus jacking the value up to ranges that can make the property either overvalued or priced on the right stage. No bargains available there. Methods to purchase undervalued property in Singapore Submit and checklist your condominium, rental, house for Rental or Sale in our online property classifieds.
 
The basic industries of a region are identified by comparing employment in the region to national norms. If the national norm for employment in, for example, Egyptian woodwind manufacturing is 5 percent and the region's employment is 8 percent, then 3 percent of the region's woodwind employment is basic. Once basic employment is identified, the outlook for basic employment is investigated sector by sector and projections made sector by sector. In turn, this permits the projection of total employment in the region. Typically the basic/non-basic employment ratio is about 1:1. Extending by manipulation of data and comparisons, conjectures may be made about population and income. This is a rough, serviceable procedure, and it remains in use today. It has the advantage of being readily operationalized, fiddled with, and understandable.
The formula for computing location quotients can be written as:
 
<math>LQ = \frac{e_i/e}{E_i/E}</math>
 
Where:
 
<math>e_i =</math> Local employment in industry i
 
<math>e =</math> Total local employment
 
<math>E_i =</math> Reference area employment in industry i
 
<math>E =</math> Total reference area employment
 
It is assumed that the base year is identical in all of the above variables.
 
<!-- Deleted image removed: [[Image:Minnesota-LQ.png]] -->
 
The figure showing location quotients uses data from ''Compare Minnesota: Profiles of Minnesota’s Economy and Population, 2002–2003''. It uses the term location quotient, a number derived by comparing the percentage of employment in a place (Minnesota) with the percentage of employment nationwide. [[Minnesota]] has about the same percentage of high-technology employment as does the nation. It has more medical devices employment than the national average (due to companies such as [[Medtronic]]).
 
Economic base ideas are easy to understand, as are measures made of employment.  For instance, it is well known that the economy of [[Seattle, Washington]] is tied to aircraft manufacturing, that of [[Detroit, Michigan]], to automobiles, and that of [[Silicon Valley]] to high-tech manufacturing. When newspapers discuss the closing of military bases, they may say something like: "5,000 jobs at the base will be lost. That's going to hit the economy hard because it means a loss of 10,000 jobs in the community."
 
To forecast, the main procedure is to compare the region with the nation and national trends. If the economic base of a region is in industries that are declining nationwide, then the region faces a problem. If its economic base is concentrated in sectors that are growing, then it is in good shape.
 
Methodologically, economic base analysis views the region as if it were a small nation and uses notions of relative and comparative advantage from international trade theory ([[Charles Tiebout]] 1963). In a sense, the activity is macroeconomics "written small", and it has not been of much interest to urban economists in recent years because it does not get at within-city relationships. The analysis usually takes US growth patterns as a given. The fates of regions are determined by trends in the national economy.
 
== Critique of the economic base concept ==
 
The economic base concept emerged in the 1920s, when economics focused on different industrial strengths and economic techniques were not as nuanced. The exporting (basic) activities were manufacturing and trade activities, and they could be readily identified in the data series. One could think of changes in those activities as causing growth or decline.
 
Today, export activities purchase many services, and the comparative advantage of an area may well lie in the services it produces. [[Peter Drucker]] (1986) imagines a world dominated by trade in ideas and designs. There is little merchandise trade because technology permits small-scale manufacturing. Such a world would change our ideas of what is considered basic.
 
The concept is that of a trading region, but in practice, economic base concepts are often applied to areas that fit the concept. The Minnesota study cited above compared Minnesota to the US. One can speak of the economic base of [[Saint Paul, Minnesota|Saint Paul]], [[Minneapolis, Minnesota|Minneapolis]], or [[Duluth, Minnesota|Duluth]], but to go on and compare such areas using economic base techniques is not very meaningful.
 
Forecasting is a precursor to actions, and there is no explicit way to get from the economic base to the kinds of actions most communities are interested in. That is, the economic base study does not say what to do. Leaders say they want desirable economic activities like high-tech ones. Indeed, we have seen studies of the transport needs of high-tech industries, studies done prior to investments to attract such industries (e.g., in Pennsylvania).
 
Even if one could make what-to-do linkages, the calculus of "desirable" is not simple. We suppose that high pay, little environmental damage, upward mobility for workers, and stability or growth are among the attributes desired of new activities. The table below gives information on the pay attribute. Clearly, that attribute must be traded off against other attributes.
 
{| border="1" cellpadding="5" cellspacing="0" align="center"
|+'''Table: Average weekly earnings of production or non-supervisory workers on private non-farm payrolls by major industry, in current dollars '''
!Industry
!Average weekly earnings (April 2003)
|-
|Mining:
|774.58
|-
|Construction:
|721.58
|-
|Manufacturing:
|629.43
|-
|Transportation and public utilities:
|670.32
|-
|Wholesale trade:
|627.13
|-
|Retail trade:
|296.80
|-
|Finance, insurance, and real estate:
|611.90
|-
|Services:
|507.43
|-
|Total private:
| 511.39
|}
 
==Assumptions==
 
As H. Craig Davis points out, there are a number of assumptions on which economic base analysis is conducted. These include (1) that exports are the sole source of economic growth (investment, government spending, and household consumption are ignored); (2) that the export industry is homogeneous (i.e., that an increase or decrease of one export does not affect another); (3) the constancy of the export/service ratio; (4) that there is no inter-regional feedback; and (5) that there is a pool of underutilized resources.<ref name="Davis">Davis, H. Craig, ''Regional Impact Analysis and Project Evaluation'', UBC Press, 1990.</ref>
 
==References==
 
Quintero, James. 2007. Regional Economic Development: An Economic Base Study and Shift and Shares Analysis of Hays County, Texas. Applied Research Project. Texas State University. http://ecommons.txstate.edu/arp/259/
 
<references />
 
[[Category:Regional economics]]
[[Category:Economics models]]

Latest revision as of 08:48, 29 December 2014

Positioned just next to the American Faculty is CENTURY WOODS, an property with 97 terrace houses with built-up areas in average of three,one hundred fifty sq. ft and land areas between 1,615 sq. ft to four,250 sq. ft. By American standards these terrace homes are not large, however the detached bungalows characteristic, small gardens, a small swimming swimming pools and basketball boards in the driveway.

a. A property held by 2 or extra persons as joint tenants means that upon the dying of 1 joint proprietor, his curiosity within the property is taken over by the surviving proprietor(s). The joint proprietor could not will away his interest within the property to others in his Will. a. In the occasion the Grantor (individual giving the property) dies inside 5 years form the date inserted within the Deed of Gift, property obligation shall be attracted on the whole of the property as if it is still fashioned a part of the Grantor's estate (part eight, Estate Responsibility Act, Cap. 97) Property tax is a wealth tax levied on property ownership. It isn't a tax on rental earnings. It is thus levied on the ownership of properties, regardless of whether the property is occupied or vacant. Lease Property District 02

Shopping for a property via an accredited estate agency is preferable because it ensures that your pursuits are protected. For more details on foreign possession of residential properties under the RPA, go to the Singapore Land Authority website Short-Time period Lodging The Singapore Tourism Board website lists a complete listing of places to stay and their estimated value vary. With respect to this, most market players have the impression that property costs in Singapore are barely decrease than costs in Hong Kong. So if Hong Kong's property costs fall, Singapore's property prices may fall as well. www.OneSentosa.com is a division of Teakhwa Real Property Pte Ltd. A Licensed Actual Property Firm in Singapore Identification of the property supplied for sale

Property patrons from China might not continue their shopping for spree in Singapore. As it is, I'm beginning to hear from some Chinese enterprise homeowners that there's rising difficulty for them to obtain loans in China. And some of them already know of mates who're starting to have cashflow problems in China. So if China enterprise house owners have cashflow problems, do you think they are going to have the flexibility or willingness to proceed snapping up properties in Singapore in 2012 and 2013? In all probability not.

First, there are generally extra rental transactions than sales transactions, to allow AV to be determined for every property based on comparable properties. Second, actions in sale prices are more volatile than leases. Hence, using rental transactions to derive the AV helps to maintain property tax more steady for property Launch Singapore homeowners. If you are buying or trying to hire a property. It is tiring to call up individual property agent, organize appointments, coordinate timing and to go for individual property viewing. What most individuals do is to have a property agent representing them who will organize and coordinate the viewings for all the properties out there based in your requirements & preferred timing. Lease Property District 12 Lease Property District 13

However lately they have been moving up market, brokers say. The present in-vogue constructing among the many Chinese is Central Park's One57, a new skyscraper designed by Pritzker Prize-profitable French architect Christian de Portzamparc, the place they'll spend $18.85 million for a three-bed room or $55 million for an condominium taking on the whole 81st floor. The building comes with the entire amenities of a 5-star hotel. Shanghai businessman Wang Jiguang has already picked up two homes in one other main Australian metropolis, Melbourne, and one house in Sydney. "My youngster is going to study overseas, and we are just making ready some overseas belongings for our youngster, which might be much less dangerous," Wang mentioned in a phone interview from Shanghai. Uses in Hair and Skin Care

Eight of these new initiatives bought less than 10 % while two didn't handle to sell any unit since their launch last yr. It intends to buy the belongings as a part of its strategy to construct a portfolio of properties with the goal of itemizing them as a Reit on the Singapore Change (SGX). It is simple to buy what everyone agrees is a good property. Fantastic location, good facilities, simple accessibility and so forth. The problem is every different investor will likely be attempting to purchase the identical thing, thus jacking the value up to ranges that can make the property either overvalued or priced on the right stage. No bargains available there. Methods to purchase undervalued property in Singapore Submit and checklist your condominium, rental, house for Rental or Sale in our online property classifieds.

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