What To Expect From An Effective Economic Impact Analysis
If you’ve ever driven around your city and wondered how it is certain businesses have thrived while others have not, then you’ve essentially thought about economic impact analysis (EIA). As the name implies, economic impact analysis is process used to gain an all-encompassing look at how an entity has an effect on the financial health of the area in which said entity is located.
Your Impact on the Community
Businesses often use the concept of retail void analysis to know where best to set-up shop. In many respects, these two ideas are very similar. However, how they differ matters. An EIA, when done well, can break down the full economic value of an entity to the local economies. Those who are behind major projects (the likes of which can vary), if they are to do well, need to understand that their success is tied to the area and people they serve. A good EIA helps them see how well that works. It also allows the community-at-large to be more compelled to advocate for the business. Moreover, it leaves the community more open for future investment.
Numbers Matter. So Does Their Story…
An effective EIA is, in reality, the one thing that will get a major project off the ground. It makes the case for project approval and is the lynchpin in helping secure funding, and completion, of the project.
Information contained in a well-crafted EIA allows for greater understanding about the direct, indirect, and induced effects a business/industry can have on a community. Data on prospective jobs, economic output, and tax impact lay out a “big-picture” view. It can also provide an all-important eye toward telling an impactful story of why a company’s presence should be embraced.
The Right Help Means Everything
Data that comes from an economic impact analysis is critical to a project’s success. However, accruing the data is only the beginning. It is vital to work with a firm specializing in EIAs and has the added benefit of on-staff data scientists and economists to help turn the data into something very powerful — information.
Crafting an effective economic impact analysis starts with contacting us here at MindEcology. Our job is to make your next EIA stand out so critical decision makers see how your presence is necessary for the future. Call us today.