Economic Impact Studies

Business Analysis

As community leaders evaluate their local economy and learn which specific sectors are competitive in their unique locality, they can make decisions concerning alternative strategies for diversifying their local economy. The CARE model is a standard framework for local job growth. Creation, Attraction, Retention, and Expansion are the principal methods by which a community experiences job growth.

Our department can assist entrepreneurs in areas such as basic business startup concepts; financial analysis (for example, cash flow, cost/feasibility analysis, and profit forecasting); developing a business plan; and identifying financing opportunities to promote job creation.

Retail Development

Many small businesses are struggling to compete at the local level. Changes in the retail industry, in particular, are especially hard on local economies because the leakage of retail sales not only hurts the local business owner, but it also means a decline in sales tax revenue for the local government.

By assisting local economic developers, chambers of commerce, and retailers, our department can develop retail trade studies and hold seminars about the impact of outshopping. These studies and seminars identify growth areas and strategies for improving declining sectors. Workshop topics help retailers to improve advertising, selection, customer service, and price competitiveness. The focus of the program is on educating community leaders, developers, retailers, and consumers about the importance of shopping at home.

Facilities and Services

Quality infrastructure and community services are highly correlated to economic growth. Infrastructure attracts private investment, with schools and health services among the most important community service considerations for industrial and business location decisions. Educational and technical assistance for municipal and local government officials throughout the state is available on local facilities and services.

The provision of local services is critical not only to economic development, but also to the quality of life in a community. The focus of this program is to improve the decision-making ability of local leaders and increase the public's knowledge regarding the importance of community facilities and services to the long-term sustainability of their community. Assistance on various services and facilities such as education and health care infrastructure, solid waste management systems, childcare programs, and multi-purpose buildings is available.

Economic Analysis

Economic data is valuable at the community level in several ways. It can be used to provide a descriptive analysis, such as the identification of sources of employment and income. A trend analysis uses economic data to compare local conditions with state and national norms. And last, economic data is used in the calculation of economic measures such as location quotients, multipliers, and market share.

An understanding of the local economy improves the quality of decision-making. Educational programs on the sources, uses, and interpretation of economic data are available to selected organizations. Also, economic analyses are provided to assist local leaders and officials in identifying trends in the economy that are important to their economic and community development goals.

Contact Alan Barefield, Garen Evans or Al Myles for more information on economic analysis assistance for your community.