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Economic Impact Study and Community Development
Research: | |
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Forward Analytics is the premier marketing
research supplier of economic impact research and a community development
and benefits study. Our economic impact research and development study
incorporates both a linear cash flow model and the Minnesota Input Output
(IMPLAN) model.
Our Economic Impact study is an analytical
tool used to assess and quantify the measurable public costs and community
benefits of a specific project, business or development plan. The
tool's very useful for local and regional leaders, providing them
important information for better decision-making about their community's
economic future. Forward Analytics has analyzed the economic impact of
dozens of clients including, hospitals and health systems, higher
education institutions, special events and sports, arts and entertainment
facilities, cultural districts, manufacturers, service businesses, as well
as development projects and the impact of government policies. Forward
Analytics conducts economic impact modeling at local, regional, and
statewide scales.
Economic Impact research is primarily
about solving questions (equations) that factor large datasets with
multivariate attributes and inter-dependent relationships. Forward
Analytics' consultants can solve complex questions and provide your
organization with the critical information it needs to judge the economic
effect of development, policies, or sustained operations on a given
population.
The Linear Cash Flow Model for an Economic Impact StudyThe linear cash flow model measures the impact of
money brought into the economy from outside sources. This "fresh dollar"
approach represents a true expansion of the economy, and does not track
dollars that already exist within the region. The linear cash flow
model also takes into account the re-spending of money within the
economy as a result of what professional economists term "the multiplier
effect". The multiplier effect measures the circulation of dollars
originally attributable to business or institution, and tracks their
spending by successive recipients until the funds eventually leak out of
the economy. The local (city/county/state) level analyses will be built as
a unique spreadsheet set, reflecting local economic characteristics and
tax rates. The models will calculate both direct and indirect (multiplier
effect) economic impacts.
The IMPLAN (Minnesota Input Output) ModelThe IMPLAN economic impact modeling system
provides the tools, data, and outstanding support to do in-depth
examinations of national, state, county or multi-county regions. Over
1,000 public and private institutions including the Corps of Engineers,
Federal Reserve Bank, Ohio State University, and Bristol-Myers Squibb Co.,
use IMPLAN.
Forward Analytics uses Input/Output Analysis
(I/O) to measure the direct and indirect economic impacts of a
well-established organization or a new development plan. Input/Output
analysis is an interactive program that shows how each part of the
regional economy is connected to every other. I/O uses input/output
accounts, which provide an accounting of the monetary flows from and to
(outlays and outputs) industries located in a defined area. An I/O
analysis provides a means of examining relationships within an economy,
both between businesses, organizations or special projects and the final
consumers. Understanding how economic sectors are interconnected provides
insight into potential economic and community development
opportunities.
What will the true benefits be if Company X
locates to our community? How many jobs will be created, and what other
business activity may develop as a result? What will the impact on
personal income, retail sales, and tax collections be? Will the benefits
generated justify the incentives and abatements offered? The answers to
these and other questions can be estimated with Economic Impact
Research.
Example of Economic Impact Analysis & ModelingForward Analytics recently completed an economic
impact and community development study for a major national event. The
event draws close to a million attendees and has an annual operating
budget of $20 million dollars. The community appreciates the event's
value, however, an empirical understanding of this relationship is needed
to grow the event and continue to attract top brand sponsors.
Forward Analytics was able to show all the
interdependencies and impacts of the event. For instance, one particular
relationship the event wanted to measure was the impact to and from the
local government. The municipality supplies dozens of security officers
and daily waste disposal trucks. In our report, we demonstrated how the
overall taxation and dollar migration into the area offset the costs of
these community services.
This is just one example of how an economic
development study and our input-output modeling research can quantify your
organization's direct and indirect economic impact on a given region or
shareholder. To unlock your market potential please contact one of our
marketing research consultants at 412-207-2114.
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We have completed Economic Impact studies at the local and state level for industries such as:  HealthcareHigher EducationMuseums & the ArtsSports FranchisesSpecial Events & FestivalsUrban Cultural DistrictsManufacturersGovernment Policies |
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