A thorough appraisal of project options and funding is critical to success and sustainable benefits. PACEC has appraised initiatives across all areas of economic development: business development teams, start-up support and incubation services, training projects, and specific initiatives such as innovation centres, technology and business parks, business improvement, enterprise, and employment zones.

Evaluation may be concerned with impacts prior to initiatives (as part of appraisals) or post implementation. Issues of added value and additionality are important taking account of deadweight, displacement and wider effects and the lessons learnt.

PACEC has developed a Local Economic Profiling System (LEPS) to support the preparation of Local Economic Assessments and help develop strategies. LEPS provides clients with a powerful capability to analyse their local economies and identify strengths and weaknesses relative to their geographical surroundings, their neighbours and competitors, and the national economy as a whole.

Building sector and cluster strengths has an important role to play in economic development. Strong clusters that provide economies of scale and integrate the available resources, including know-how, skills, capital assets, suppliers, business support and training agencies are better able to compete and economic benefits.