{"id":1391,"date":"2022-08-24T17:57:26","date_gmt":"2022-08-24T17:57:26","guid":{"rendered":"https:\/\/www.trccompanies.com\/insights\/using-economic-impact-assessments-to-share-the-story-of-a-project-or-facility\/"},"modified":"2024-12-12T14:06:25","modified_gmt":"2024-12-12T14:06:25","slug":"using-economic-impact-assessments-to-share-the-story-of-a-project-or-facility","status":"publish","type":"news-and-insights","link":"https:\/\/www.trccompanies.com\/fr\/insights\/using-economic-impact-assessments-to-share-the-story-of-a-project-or-facility\/","title":{"rendered":"Using Economic Impact Assessments to Share the Story of a Project or Facility"},"content":{"rendered":"\n\n
\n
\n \n
\n
\n

As local government officials and other stakeholders increasingly take a critical approach to proposed projects, organizations are seeking more effective ways to share their stories. One such strategy is to use an Economic Impact Assessment (EIA) to demonstrate the positive effects a project has on the local economy. For some socioeconomic analyses, a qualitative discussion of the types of benefits a project will generate, along with projected employment figures and tax revenue estimates, can suffice. Other projects, however, can create significant economic benefits that may not be well understood by local government and other key stakeholders. An economic impact study solves this problem by quantifying economic benefits that are anticipated to occur in a given area, such as a county or state.<\/p>\n

EIAs rely on publicly available economic impact models to generate estimates of output, employment, income, and tax impacts. The economic impact models use financial and economic data gathered by the US Census Bureau, the US Bureau of Labor Statistics, the US Bureau of Economic Analysis and others to capture consumer and business spending patterns and the inter-relationships between industries. The model\u2019s economic multipliers can quantify the influence of a project\u2019s construction or a facility\u2019s operation and the subsequent rounds of economic activity. The use of an economic impact model allows the economic effects associated with the construction and operation activities to be evaluated objectively using a standardized approach based on reliable data and methodology developed by economists over time.<\/p>\n <\/div>\n

\n
\n
\n

Related Services<\/h4>\n