If you need to gain approval for a new real estate development from the local city government, an economic impact analysis (EIA) will be necessary.
Whether you are proposing a new subdivision, planning a sports stadium or developing a new business park, the key to getting a project approved, funded and completed is a compelling economic impact analysis report. An effective economic impact analysis tells the story of your project and, done right, sells the project’s viability to decision makers who will determine if the project ever gets off the ground.
As you are deciding who to rely on to craft your economic impact analysis (EIA) report, you need to choose a partner who not only understands the data, but also understands how to let that data tell a story.
Major projects – whether it’s a stadium, a new neighborhood or an on-going redevelopment program require the buy-in of dozens of stakeholders. Those stakeholders need to not only sign-on, they need to go back and sell your project to their various constituencies.
At MindEcology, our team of data scientists and economists have decades of experience in analyzing data.
Whether your project is approved or denied hinges on your Economic Impact Analysis Report
An economic impact analysis report that moves the needle on getting your project approved, includes several key components:
- Direct, indirect and induced effects: Direct impacts, such as construction costs, as well as indirect costs including overhead and administration, need to be clearly stated in an effective economic impact analysis. Your project will also have a long-term impact on its community by increasing spending that will improve quality of life in a myriad of ways, all of which should be demonstrated in your EIA.
- Project-funding sources: Stakeholders need to be able to immediately determine the project’s viability based on how well the financing is presented.
- Economic output: One of the most important components for policy makers is the economic ramifications of your project. Showcasing those benefits in a verifiable manner will help convince those policy makers of the positives your project offers.
- Job assumptions: Job assumptions include both temporary jobs, such as construction, as well as long-term jobs that will continue long after your project is completed.
- Value-add assumptions and description: Your proposed project isn’t just about jobs and the economy; it will also impact the community where it is built in lasting ways. The analysis in an economic impact report should include the improvements your project will make in the neighborhood.
- Tax impact: Policy makers at both the city and county level will need a clear picture of the tax impact of your project.
Let the data tell the story
Once the data has been compiled, MindEcology will use it to craft an economic impact report that tells a story to your stakeholders. Our team will design an EIA that will foster excitement and enthusiasm for your project, helping decision makers envision the future and become project advocates.
To learn more about what the data scientists at MindEcology can do for your economic impact report, contact us to schedule a free consultation.