Economic impact analysis
Economic impact analysis recognizes that the operation of a firm or activity increases production and employment throughout a region’s economy as goods and services are purchased from suppliers and as employees spend their wages on household needs. The results can be used to communicate value to stakeholders and government officials, to select among alternative projects, or to determine a return on public or private investment.
To be credible, economic impact analyses must be set up very carefully so that only relevant impacts are captured. Experience is essential; Dr. Bill LaFayette has conducted more than 30 economic impact studies over the past 15 years.
- Estimation of indirect and total output, income, value-added, and employment impacts generated by a business, activity, or event within a county, group of counties, or state.
- Optionally, economic impacts can also include state and local tax revenues generated by the activity.
- Impact of affordable housing investments throughout Ohio by the Ohio Capital Corporation for Housing.
- Impact of 21 selected brownfield remediation projects throughout Ohio financed by the Clean Ohio Revitalization Fund as part of an advocacy paper by the Greater Ohio Policy Center.
- 25-year projections of taxable consumer expenditures by Ohio households and sales tax revenues based on projected aging of the population for the Center for Community Solutions.
- Impact of the production of feature films in Central Ohio for the Greater Columbus Arts Council.
- Impact of direct international air service to Port Columbus International Airport for the Columbus Regional Airport Authority.
- Construction and operating impacts of Capital University.
- Projection of municipal income tax revenues from the retail sales generated by a planned upscale apartment development for the city of Hilliard.