5 Things You Should Learn From The Best Economic Impact Analysis
No matter the size of your project (think residential subdivision, business park, or sports complex), if you’re trying to get the go-ahead on it from local government officials, there is one thing you need to present to them — an economic impact analysis (EIA).
As the name implies, this report is an exhaustive breakdown of the financial impact your project will have at all stages. For some folks, that might not be the biggest deal in the world. After all, they’re big idea people who are masterful at seeing things from all angles quite well. However, trying to get a big picture look at the finances a theoretical project may have on an area over time doesn’t come naturally to most. In the case of the latter, it could mean an economic impact analysis that not only lacks substance but also screams amateurism. What’s more, it certainly means it is not worth investing in.
If a proposed project needs a good, no, the best economic impact analysis drawn up for approval, it needs to have some pretty specific information. This includes, though is certainly not limited to the following:
- tax impact
- value added over time
- jobs added, both short- and long-term
- economic output
- direct, indirect, induced effects
Aside from the edification of the officials making final calls for approval or denial of the project development, having this information is also of great consequence to, well, YOU. Having things laid out in black & white may give a much more stark reality to areas where weaknesses in the proposed project still lie. It may not be the greatest feeling in the world to ‘start again’, you’d rather get the bucket of ice water in your own office than in front of the city council or other major governing body wondering why you wasted everyone’s time.
In the end, the biggest key to making an economic impact analysis really work for you is making sure it’s crafted well. This may mean working with an agency that specializes in using important & pertinent data to tell YOUR story to the folks making the big calls. Here at MindEcology, we work to create an EIA that drums up enthusiasm & excitement big enough to spread the word to others rally support to keep your project at the forefront until it is completed.
Could your economic impact analysis use a little sprucing up? Here at MindEcology, we can help! Schedule a free consultation with us today.