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Understanding the impact of change on your local economy is important for decision makers. It's also important for everyone in your community to understand this impact. Our team works with community groups, business leaders, and government officials to develop credible and defensible economic impact analysis. The end product of our research can take several forms.
Most often we conduct research using a method called input output analysis. We have models that handle standard issues, as well as those requiring more precision and in depth investigation. We conduct surveys, gather data, and interview key players to ensure that our economic models are based on the best local knowledge. We call this process "ground truthing." In plain language, that's a way to ensure our work reflects what's really happening in the community.
If you want answers to important questions about your local economy, give our team a call or send an email. We will help you explore options and set goals for what you want to achieve. After our initial discussions, we will develop a project proposal for your review and approval.
As our approach to addressing economic impact questions is in depth, a typical report can take anywhere from 3-9 months to complete. As a general rule, the more "ground truthing" required, the longer the time frame. Costs also vary depending on the level of engagement. Our team will work closely with you to prepare you a customized proposal. In some cases, you may decide that a different approach is required. If so, we will work with you to come up with an alternative course of action.
Imagining the future
Futures Workshop and Emergency Economic Impact Analysis
Understanding how businesses and consumers interact can help predict how economic changes will affect your community. Two program offerings are designed to help your community imagine its future.
- Futures Workshop: Go in depth exploring how industries in your community interact and what those interactions mean for the overall economy and quality of life.
- Emergency Economic Impact Analysis: Explore how a sudden economic change will affect your community's economy, businesses, and residents.
The Futures Workshop is designed to help communities look objectively at the state of their local economy. The workshop highlights and examines the interactions within an economy – among industries and between industries and consumers. Once a community understands how those linkages function, leaders can begin to understand the full implications of change on the local economy. The Futures Workshop also can help communities understand how efforts by different government jurisdictions can affect the economy.
Using data provided from the IMPLAN model, the Futures Workshop provides a profile of the local economy, an analysis of how 5-10 selected industries interact, and a formal presentation of findings with a facilitated discussion of the results.
A Futures Workshop typically takes 1-2 months for preparation and planning. We hold a kick-off meeting with key stakeholders to define the study. After that, our analyst needs a few weeks to build the model and run the analysis. The cost is $750
The Futures Workshop is a three-hour program offered by local Extension Educators. To learn more or schedule a workshop, contact your educator.
Emergency Economic Impact Analysis
Sometimes communities are confronted with a sudden and unanticipated change in their local economy. For example, a major employer announces a workforce reduction; a fire destroys a factory; or a flood damages downtown businesses. In these situations, leaders must act quickly, but wisely, to help businesses and the entire community recover – and Extension's Emergency Economic Impact Analysis program can help.
This program is a variation of Extension's standard EIA program – modified to give community leaders important information about the effects of a natural, or man-made, disaster on the local economy. Community leaders need this information in order to make the best decisions about the community's future.
Like the regular EIA program, the emergency program uses IMPLAN software to analyze economic impacts. Components of the analysis include a profile of the local economy, a short summary of how businesses affected by the disaster relate to the local economy, and an exploration of how this event will affect the local economy. Community leaders, including public officials, can then use this information to get the town on the road to recovery.
An Emergency EIA is designed to help communities make quick decisions, therefore, we will work with you to establish a short timeline to meet the needs of decision makers.
Who sponsors Economic Impact Analysis?
- Economic Development Organizations
- Regional Economic Development Initiatives
- Industry and Commodity Associations
- Chambers of Commerce
- Any organizations planning for the economic future of their community
How to get going with Economic Impact Analysis
Contact the Community Economics Extension Educator in your area to discuss whether your community and the Economic Impact Analysis are a good fit. The analysis is affordable and adaptable to local needs.