Helping community leaders examine economic change
Our team works with community groups, leaders of economic development organizations, business groups, and government officials to develop credible and defensible analyses of local economies, and of changes affecting local economies. Our program offerings help communities think about the future, respond to emergencies, and investigate particular economic questions.
Extension's Futures Workshops lead groups to understand the economic impact of 5-8 different industries on local economies. They are especially helpful when communities are conducting strategic plans or deciding how to invest in economic development. The analysis explores how much the expansion or contraction of one business in each industry would affect jobs, as well as the revenue of other businesses in the area. A facilitated discussion helps the community apply this knowledge to local decisions. Read more about Futures Workshops.
Emergency Economic Impact Analysis
Workforce reductions, business closings, and natural disasters all have an impact on local economies. An Emergency Economic Impact Analysis report helps communities understand the effects of a sudden or unanticipated change, giving them a quick analysis to guide the local response. The Emergency EIA includes a profile of the local economy, a short summary of how businesses might be affected, and an exploration of how the event will affect the local economy. Read more about Emergency Economic Impact Analysis.
- Contact your Community Economics Educator
- Hard data for hard times: Economic Impact Analysis for community business loss
- Review some Emergency EIA reports:
The Impact of Poultry and Egg Production Losses and Poultry Processing Losses Due to the Avian Influenza (PDF) Read the update (7/10/2015)
St. Cloud Printing Plant Closure (PDF)
Customized Economic Impact Analysis
Economic impact analysis can provide in-depth information about an industry's economic impact, or about the potential for an economic development strategy. Our team creates customized reports that answer these questions by collaborating with local groups to collect relevant data, determine factors that affect findings and critically consider the local context of the results. Sponsoring organizations or communities receive a customized report and a presentation to review findings. Read more about Customized Economic Impact Analysis.
Extension has researched a wide variety of economic impact topics - from tourism to local foods to historic tax credits; from fires and layoffs to avian flu. View our publications here.
Leaders from Mille Lacs County Economic Development Task Force participated in an economic futures workshop to learn more about the county's current economic situation and to explore opportunities for economic development. Read the report (PDF)
Photo courtesy Explore Minnesota Tourism
Read more about Economic Impact Analysis
Research fellow Ben Winchester describes changes throughout the economic history of rural Minnesota - and new trends, too. (3:09)
Produced by Lakeland Public Television
- U of M Tourism Center
- U of M Dept. of Applied Economics
- The EDA Center at the University of Minnesota, Crookston