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Economic Impact Analysis

It is sometimes important to understand how the businesses in a local economy are connected to one another in order to understand how the changes in a particular industry will affect other businesses. It is also helpful to understand how a new business or industry entering a community will influence the broader area in terms of employment, production, and/or income. Economic Impact Analysis is a methodology used to trace the effects of an economic event throughout the economy. IMPLAN data and software, a nationally recognized and respected package, is utilized to facilitate this type of analysis. Economic Impact Analyses may be performed at an individual county level or at multi-county levels.

 

Economic Conditions & Trends

The economic conditions and trends report provides detailed background data about the resources in a particular area. Specifically, the report is designed to provide general socio-economic data, summarize the importance of agriculture, and provide an overview of tax collections. Specific data that are typically included in this comprehensive report include

 

Demographic Data

  • Population and Trends of County and Cities and Towns in the County
  • Population by Age and Sex for the County
  • EducationalCharacteristicsfor the County

 

Economic Data

  • County Employment by Major Source
  • Location Quotient for the County.
    (The location quotient is a predictor of whether or not a particular sector in the county exports out of the county or imports into the county.)
  • County Labor Force Data
  • County Personal Income by Major Industry
  • County Transfer

 

Agriculture

  • General Farm Characteristics for the County
  • County Farm Income and Expenditures

 

Tax Data

  • Sales Tax Collection by Cities and Towns in the County
  • The rural Development group also maintains extensive databases that cover these and additional subject areas. We also provide customized data collection services to help meet your community's needs. Contact us if we can assist you with your community's data needs.

 

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