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.