Economic Impact Assessments
Economic impact analyses are used to evaluate the effects of a facility, industry, investment project, or regulatory policy on a region’s economy. The region of interest for economic impact analyses can be a city, county, state, a group of states, country, or other area. Economic impact analyses are often used to evaluate the future effects of plans and proposals, but they can also be used to measure present or historical effects. Economic impact analyses provide useful information to local policymakers on jobs, population, income, gross regional product, and output. These analyses can supplement cost-benefit and cost-effectiveness analyses to shed light on the local effects of regulations.
NERA has performed economic impact assessments for many regions of the United States, as well as for Europe, the Caribbean, and the Middle East. Our work has included evaluations of power plants, electric transmission infrastructure, industrial facilities, airports, resort complexes, special economic zones, and numerous regulatory policies. NERA has used virtually every major economic impact model, including the state-of-the-art REMI model (developed by Regional Economic Models, Inc.), and the IMPLAN model (developed by the Minnesota IMPLAN Group). These models rely on comprehensive datasets of industrial, economic, and demographic information for specific geographic regions. NERA personnel have communicated the results of their economic impact studies to policymakers, regulatory bodies, the media, and the general public.
NERA has thorough knowledge of the economic theory underlying regional impact modeling as well as the particular industries of interest for each study. Our clients value our economic impact analyses for their credibility and completeness.
