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Aruba, September 18, 2018 - With the Internet of Things placing its footprint in almost every industry, IoT in oil and gas has become the next economic revolution. By 2030, GE predicts that IoT in oil and gas industries will contribute more to the global economy than any other industry. Not only this, but 70 percent of total GDP is contributed by the U.S. only.

Friday's Economic Outlook Summit at East Stroudsburg University saw the release of the 2018 Monroe County Economic Scorecard, an analysis of the area in six sections as compared to surrounding communities.

The bad news? Overall, Monroe ranks toward the bottom of the list, tied for sixth place.

The good news? The overall data can help with economic development decisions that could push Monroe to the top of the pack in the future.

In order to comprehend what the Scorecard means, it helps to have an understanding of what figures were used to create it, what the rankings really indicate, and how that information can be applied.

The Monroe County Economic Scorecard is a product of East Stroudsburg University's Business and Economic Research Group. This is the fifth report that the BERG has produced.

Data is compiled from six sections; employment indicators, earnings indicators, business climate rankings, healthcare, housing and education covering eight counties “ Carbon, Lackawanna, Lehigh, Luzerne, Monroe, Northampton, Pike and Wayne.

Points are distributed based on the particular indicators that are being evaluated in that section. For example, under the Earnings section, there is an indicator for Per Capita Personal Income. The eight counties Per Capita Personal Income rates are compared to a state average income €“ in this case, $50,742€“ by percentages. Monroe tied with Wayne County for last place at a rate of 77 percent, with both earning a score of three points, whereas Lehigh and Northampton topped the list with a rate of 96 percent, earning those counties 8 points each.

Each category then totals the points accumulated by each county for each indicator, yielding an overall ranking for that category. Points from each category are then added up for the final summary rankings.

Read more here.