The value of Economic Impact Analysis in decisionmaking

Posted by on Mar 6, 2017 in News | 0 comments

The value of Economic Impact Analysis in decisionmaking

TO BUILD OR NOT TO BUILD? MOVE OR NOT TO MOVE?  Today Economic Impact Analysis can help stakeholders better understand the local or regional changes in economic activity that result from a project or event–well before they happen. Over the last several years Vandewalle & Associates has adopted Economic Impact Analysis as a tool for planning and economic positioning–and adapted it to look beyond tax base data to better illustrate the interrelatedness of economics and decisionmaking.

RELEVANT INPUTS + NEW TOOLS = MORE COMPLETE PICTURE. By using project-specific inputs and a variety of other economic multiplier data, real estate and planning tools, the V&A team can paint a more complete picture that includes ripple effects such as:

  • Addition of new temporary and permanent jobs
  • Additional spending at support businesses and services
  • Wage impacts
  • Additional visitor traffic and spending
  • Other value-added economic output at community, state or regional levels

DYNAMIC DATA TELLS A STORY. Economic Impact estimates can help tell a larger story about a project or company, how it fits within the broader community, and underscore the unexpected ways that businesses and industries within a region/state work together. The results can be quite enlightening on their own, but are perhaps best interpreted as a decision-making and messaging tool that work well for both public and private sector clients.

V&A can perform an Economic Impact Analysis as a standalone work product, or as complementary to other long-term redevelopment initiatives, grantwriting services, or communications/marketing materials.

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