Economic Impact Modeling Services
NEPA’s Research & Information Center utilizes the IMPLAN® modeling software to better understand and monitor our regional economy. The software ensures economic development decision-makers have accurate data and scenario summaries to make sound decisions. Using IMPLAN we can answer the following questions:
- How does the local economy function?
- What are the economic consequences/impacts of this project?
- What is the effect of this company/base closure?
Each Economic Impact Modeling assessment includes the delivery of a summary report, which is 1 electronic version in PDF format, that includes input data used, assumptions made, geography of the impacts, estimated tax costs and studies used to generate inputs data that was unavailable at the time of the report. To view a sample report click here.
Typical Economic Impact Modeling studies require running multiple assessments that provide results for the construction and operational phases of a proposed project. Other assessments can include the impacts of tourism, recreational/sporting events and visitation from Corporate Headquarters Office/Sales Staff/Supply Chain Vendors to the Office/Plant that is being assessed.
What Can IMPLAN Do for Me?*
Impact of New Businesses
With the opening of new businesses comes an increase in local jobs. IMPLAN can estimate the number of jobs that will be generated by the introduction of a new business into the study economy.
Income Generated by Tourism
One of the most studied impact topics, IMPLAN can help predict the economic effects of the establishment and operations of national parks, national forests, ski resorts, golf courses and other tourist driven areas.
Economic Impact of Professional Sports
When cities compete for sports teams, questions arise about their economic impacts. IMPLAN can predict the effect of building sports facilities and the other economic infrastructures that arise around sports sites. IMPLAN can also look at the economic effects of visitors being drawn to the site.
The Importance of Agriculture
Changes in agriculture and other industries can have tremendous effects on an economy and these can be traced through IMPLAN’s software and data.
Cost Benefits of Resource Management
Natural resource management was one of the original considerations of IMPLAN modeling. IMPLAN has been used for numerous studies including water usage, fisheries management and mining.
Economic Contribution of Higher Education
In times of tight budgets, IMPLAN can help a college or university demonstrate its value to the local economy.
Economic impact analysis is often required by federal and state governments for proposed projects that require governmental permits. IMPLAN can provide the analysis needed for projects like housing developments or new power generation plants.
EIS- Environmental Impact Statement
IMPLAN can be used to show the economic impacts of the various alternative scenarios that must be provided in an EIS statement.
Comparing & Targeting Industries
Have you explored what industry is present or not present in a given region? Is there room for growth in a particular industry sector? The following examples use Location Quotient Analysis and Shift-Share Analysis to answer these questions.
Businesses that are exploring the possibility of locating to a region and economic development professionals who are looking for industries to consider for recruitment can use several tools to help guide their decision-making process. This process involves calculations of a ratio and a breakdown of local employment change into three components.
The calculation of the ratio is based on employment in an industry for a county, the total employment for the same county, the employment of the same industry in the nation and the total employment in the nation. If the ratio is greater than 1.25, the industry is an exporting industry and should be considered for recruitment.
Steve Zaricki – Research & Information Manager