Economic Analysis Services
The Economic Development Department at the RPCGB provides two types of economic analysis services: economic impact modeling and economic assessment. Each service provides member governments with a report containing an in-depth analysis of relevant data and economic conditions on their project and/or region.
Economic Impact
The RPCGB provides economic modeling services for member governments seeking information on how new or existing projects and services impact their local economies. Using IMPLAN economic modeling software, the RPCGB generates a detailed economic impact report on the impact of your project in your community.
If you are interested in learning more about this program please contact Allie Haynes, Economic Development Specialist, at ahaynes@rpcgb.org. You can also refer to the “Economic Impact Modeling Information Sheet” and FAQs below.
FAQs: Economic Impact Modeling
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An economic impact report uses quantitative economic analysis to examine the effect of a project or service. RPCGB can model construction projects (such as infrastructure expansion or rehabilitation); new and pre-existing private investment projects; and special events (such as a large sporting event or concerts).
Using an economic modeling software called IMPLAN, the analysis forecasts how an event is expected to impact the local economy through economic indicators like output, employment, tax revenue, and labor income. Governments can identify the ripple effects of potential or completed projects within their community, as well as the existing conditions of their local economy.
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Input-Output (I-O) modeling is based on the work of Wassily Leontief. The foundational concept is that all industries, households, and government in the economy are connected through buy-sell relationships, therefore a given economic activity supports a ripple of additional economic activity throughout the economy. IMPLAN is an I-O modeling system that uses annual, regional data to map these buy-sell relationships so users can predict how specific economic changes will impact a given regional economy or estimate the effect of past or existing economic activity.
Source: https://support.implan.com/hc/en-us/articles/360038285254-How-IMPLAN-Works
2. Economic Assessments
Economic assessments develop a comprehensive understanding of a local economy using the current demographics, employment, and economic conditions of a community. This knowledge can aid decision-makers as they plan and prioritize projects for short- and long-term economic growth.
Economic assessments conducted by the RPCGB Economic Development Team contain sections that draw from demographic data sources to provide meaningful insight into your community’s economy.
Components of a Market Assesment
Consumer Profile — This section focuses on local market conditions and characteristics, defines the local market geography, and analyzes the market area’s demographic and socioeconomic trends.
Employment Profile — This section analyzes the existing employment base of the market area by primary industry and by industry sector. This section will also provide an assessment of the existing businesses and the residential labor characteristics of the area.
Segmentation Profile — This section outlines market research data to identify consumer behavior, residential lifestyles, and prevalent target market demographic profiles