About the Program
Economic changes affect communities. When a plant opens or closes, or when natural and economic disasters blow through; local leaders want to make informed and proactive decisions.
That’s why the University of Minnesota Extension is offering Economic Impact Analysis. An impact analysis uses IMPLAN™ software and descriptive reports to inform future plans.
Here’s how economic impact analysis reports are used:
- Community organizations use reports to educate the community and create support for local industry.
- Communities quantify the effect of a recent crisis or event, and increase outside support.
- Economic development officers use reports to write proposals and describe their local economy.
- Economic development organizations and businesses use the data to inform strategic plans.
- Local policy-makers use economic impact analysis to inform their public finance decisions.
What questions does an Economic Impact Analysis report answer?
- How many jobs are affected by this event?
- Which businesses are most affected?
- How far-reaching are the effects?
- How are industries affected by each other?
- How much will total wages change?
- How much does this change contribute to or take away from the local economy?
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