Projects with new investment and new jobs have effects upon the state and local economies beyond the project site. Additional Fiscal impacts can be measured by forecasting all new direct tax collections. Additional Economic activity represents the increased sales by direct suppliers, service providers, community retail establishments, and all other community businesses supported by the new workers, increased income, or higher tax collections.
Our Economic and Fiscal Impact Studies demonstrate the positive impacts that our clients’ investments have upon a state and/or community. We forecast the following long term economic and fiscal impacts upon the state and local economies:
- Employment - Direct, indirect, induced, and construction period job creation and retention:
- We identify the primary jobs and estimate the secondary job impacts of the retained and created employment from specific industry classifications. We also estimate the construction period employment impacts.
- Earnings - Direct, indirect, induced, and construction period earnings generation and retention:
- We identify the primary employee earnings and estimate the secondary earnings impacts of the retained and created employment from specific operations. We also estimate the construction period earnings impacts.
- Economic Output - Economic output generated by new or existing operations across all industries of the state and local economies:
- Each operating facility generates economic output within an economy in the form of inputs required from operations of other industries within the economy. We estimate that total economic output generated across all industries within the state and local economies as a result of the primary facility.
- Fiscal - Direct, indirect, induced, and construction period state and local tax and fee generation and retention:
- We identify the direct taxes generated by a specific operation and estimate the indirect and induced taxes generated as a result of the operation. Such taxes include corporate income/franchise taxes, payroll taxes, corporate property taxes, secondary and residential property taxes, sales and use taxes, and development and impact fees where applicable.
Our impact analyses typically provide estimates over a ten year period, but can be adjusted to reflect any time period that is deemed appropriate. Additionally, our analyses utilize multipliers and methodologies that are widely accepted by public authorities.