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Economic Impact Analysis
Economic impact analysis estimates the broader local economic impacts of land use projects during both the construction and permanent phases. While fiscal impact analyses generally focus on the impacts on the government sector, economic impact analyses evaluate the impacts of new development on the private sector. New construction investment generates new jobs and the demand for goods and services. These dollars are spent and respent throughout the local economy and create economic benefits measured in terms of direct, indirect, and induced effects. Once the project is completed, the new residents and employees will stimulate economic activity through their disposable personal incomes. During this permanent ongoing phase, new jobs and the demand for goods and services are stimulated. Likewise, these resulting dollars are spent and respent throughout the local economy generating economic benefits.
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