Bradenton Area Economic Development Corp. corrects wrong cost-of-living information on its website
MANATEE -- The cost of living in the Bradenton-Sarasota area is slightly above the national average, but you wouldn't know that by looking at the Bradenton Area Economic Development Corp.'s website on Thursday morning.
But on Thursday afternoon, the Bradenton Area EDC's website reflected the correct number after the Bradenton Herald asked about an apparent discrepancy.
The Bradenton Area EDC uses market, demographic and income data to make an appeal for companies to relocate or set up shop in the Bradenton area. According to the Bradenton Herald's review of the data used by the EDC, companies and employees could have been misled.
Before the Bradenton Herald questioned the graph, the EDC said the cost of living in the "Bradenton area" was 95.8. This ranking placed Bradenton between Atlanta's index of 100.4 and Austin's index of 93.8. The correct index, 101.1, places Bradenton above Atlanta and below Baltimore's 108.5 index.
"We never misrepresent information, period," Sharon Hillstrom, president and chief executive officer of the Bradenton Area EDC said. "This was an error that you brought to our attention; we appreciate you brought it to our attention and it's been corrected."
To compare the Bradenton area's cost of living to other cities across the country, the Bradenton Area EDC made a simple bar graph. For the graph the Bradenton Area EDC used one source, the third quarter 2014 Council for Community and Economic Research cost-of-living index report, for nine cities across the United States.
But they used a different, unknown source for the "Bradenton Area" cost-of-living figure in the same graph. The data used by the Bradenton Area EDC made it seem as if the Bradenton area has a lower cost of living index than it actually has.
"The correct number for the COLI is 101.1 and the source on our website is correct," Jennifer Brand, special projects and event coordinator for the EDC said in an email. "Sorry that I am unable to tell you where we got the number 95.8 from, but I will be updating our website to reflect the correct number."
The national average is an index of 100, meaning any number over 100 wouldn't necessarily be a great selling point for the Bradenton Area EDC to use when trying to entice companies to relocate.
All of the other numbers used in the Bradenton Area EDC's previous graph exactly matched the numbers in the third quarter 2014 report -- except the Bradenton area number.
In the third quarter 2014 report, the 101.1 figure corresponds to the North Port-Sarasota-Bradenton metropolitan area. The Herald asked the Council if it is possible to calculate a cost-of-living index for just the "Bradenton area" from the North Port-Sarasota-Bradenton number.
"Unfortunately, we do not have any specific data for the Bradenton area," Erol Yildirim, senior vice president of new product development for the Council's parent company. "Our data covers the entire metro area but most of the sample data come from the Sarasota area." Cities voluntarily provide information for the Council's cost-of-living indexes.
Jennie Allison, a project manager for the Council's parent company, said in her year and a half working for the company, Bradenton has not volunteered any data.
"I don't even know where they got the Bradenton number," Allison said.
It's possible the Bradenton Area EDC used a cost-of-living index calculated by a different firm, she said, but it wouldn't be fair to compare another firm's number with the Council's numbers because of differences in methodology.
On a different section of the Bradenton Area EDC's website, the cost-of-living index for the area is listed as 99.5. While it's closer to the correct number, it's still incorrect and below the national average. Brand said the Bradenton Area EDC is working on some website changes and was unaware of the conflicting information.
According to the most recent data released by the Council, the cost of living in the North Port-Sarasota-Bradenton metropolitan area hasn't gotten any cheaper. In the 2015 annual report, the area's index is 103.3. The Council's historical data shows North Port-Sarasota-Bradenton's cost-of-living index hasn't dropped below 100 since the first quarter of 2014.
In the 2015 annual report, the North Port-Sarasota-Bradenton area ranks high for all sectors considered when calculating the overall cost-of-living index. The area's highest index was 111.4 in health care. The lowest was 101.5 in transportation.
All of the North Port-Sarasota-Bradenton indexes, including groceries, housing, utilities, transportation, health care and miscellaneous goods and services are above the national benchmark of 100.
Janelle O'Dea, Herald business reporter, can be reached at 941-745-7095. Follow her on Twitter @jayohday.
This story was originally published April 14, 2016 at 11:19 PM with the headline "Bradenton Area Economic Development Corp. corrects wrong cost-of-living information on its website ."