Economic Impact Analysis: A Community Development Program

Abstract

Economic Impact Analysis (EIA): three ingredients blended and served to meet the community development daily dose of economic knowledge. Specifically, Economic Impact Analysis is an Extension program using three analytical tools and a standard Extension teaching methodology to build community development knowledge, skills, abilities and aspirations. 12 This poster will identify and explain the three tools of EIA: 1) the county Economic Model, 2) a “QuickTake” of the impact of 100 jobs in a few local industries, and 3) a full IMPLAN study which answers the question, “What is the direct, indirect and induced economic impact of ________?” The poster will then share the teaching method of using a unique facilitated discussion (with segment triggers) of the impact report. The community discussion often precipitates an application and implementation of objectives for community enhancement. Finally, the poster will share some of the examples of the University of Minnesota Extension Community Economics’ Team history of implementing and evaluating this program in its pilot year 2009.