ASSESSING THE ECONOMIC IMPACT OF YOUR PROJECT
Economic Impact Assessments (EIA) are designed to look beyond immediate customer volume and revenue. The core measurements are:
• Additionality: expediture that would not occur, but for your project
• Displacement: expenditure transferred from other places or times to your project
• Job retention/creation: full-time equivalent jobs created or retained through net economic value (additionality minus displacement) of your project
• Multiplier: a percentage added to net economic value to recognise that revenue is recycled through the wider economy
EIAs can be undertaken as a desktop study, relying on averages and estimates.
Or primary research can be undertaken to measure the actual expenditures associated with your project.
To discuss how Economic Impact Assessment can benefit your projects,
call Alan on 077 3456 3375. Or email Alan on alan.love@choiceinsight.co.uk
Alan has worked extensively on economic and financial evaluation studies with consultant economist Mike Nevin of Nevin Associates.
