Economic Impact Analysis
We conduct rigorous economic impact analyses that trace the direct effects of industries, policies, investments, or business ventures on local, regional, and state economies. Economic impact metrics range from changes in business revenue, employment, wages and income, and gross state (or regional) product. We also often estimate the resulting fiscal impacts on various state and local tax revenues. Clients have included government and quasi-government agencies, industry associations, universities, hospitals, non-profits, and chambers of commerce.
Our staff has significant expertise in creating specialized, complex models to study economic impacts, and we routinely construct custom models using IMPLAN, REMI, and other software packages to estimate the full range of direct, indirect, induced, and total impacts. Our analyses provide information to the public and decision makers, demonstrating how various industries or investment decisions impact regional economies and giving a greater understanding of which projects or programs will have the greatest impact on the regional economy and how they interact with other sectors of the regional economy. Recent economic impact studies have looked at university systems, the technology industry of New England, military bases, the defense contractor industry, senior assisted-living facilities, multi-use development projects, and casino gaming in Massachusetts.