Economic Impact Analysis, by Spencer Parkinson

posted by Spencer Parkinson on Thursday, March 29, 2012

Here are a few questions for you:

  • Have you ever wondered how many jobs a new business brings with it when it starts?
  • What happens when a business closes?
  • How much new income comes with a new business?
  • Can a business really bring more jobs to an area than it actually hires?

These are just some of the questions a well-defined economic impact study can answer. Decision Innovation Solutions has the ability to conduct many kinds of economic impact studies which give decision-makers the critical information they need to determine whether to support a new business coming to their area. In a down economy, we also have the ability to estimate the impact of a business leaving town, downsizing, or closing up. Economic impact analysis is also used extensively for determining losses from natural disasters, of which there have been many in the last year or more.

Recently, we've been working with a client who prepares grant applications to the USDOT. Understanding the stiff competition for federal dollars in the tough fiscal budget situation we find ourselves in, they called on us to prepare an economic impact study to add a jobs and dollar impact estimate to their application. They believe, rightly so, that an application accompanied by an economic impact analysis sets their application heads and shoulders above other applicants who don't include similar information.

The question we have for you is, "How can we help you add strength to your economic story?"

  1. economic contribution
  2. economic impact

About The Author

Spencer Parkinson

As Executive Director of Decision Innovation Solutions, Spencer Parkinson is responsible for business generation, ensuring client satisfaction and managing the overall operations of the business. He also seeks to understand clients’ data challenges, propose potential solutions and works wit ... read more