On August 31, the U.S. Economic Development Administration (EDA), in partnership with Portland State University (OR), announced a new online tool to help weigh benefits of economic development projects using the Triple Bottom Line (TBL) model. The new TBL Tool will assist economic development practitioners, investors, and decision-makers assess, compare, and communicate the viability of potential investments.
The TBL model has been recognized as a valuable analytical tool among businesses including major U.S. companies such as General Electric, Unilever, and Proctor and Gamble. The model has not been widely applied within the public sector, but the development of the new tool represents a significant step forward for expanding the application of the TBL model by planners, nonprofits, community organizations, and governments to help support the assessment and decision making of critical development decisions.
In creating the TBL Tool, EDA collaborated with Portland State University and its project team and an advisory board of policy makers, practitioners, academics, and industry leaders, including the National Association of Development Organizations, the International Economic Development Council, and the Ford Foundation. Click here for more information and to view the TBL Tool.