Economic impact analyses are valuable tools for generating insights into the value a new investment can bring to a region, but what does it really mean for your decision-making or tell you about your economy? Guest blogger Paul Scheuren of Impact DataSource explains the essentials of economic impact and shares his firm's know-how in today's article.
Economic impacts occur anytime money changes hands; from consumer to business or even business to business. The biggest misconception is that there is a single value that represents the mystical concept of economic impact. Economic impact is typically measured using four metrics; (1) employment, (2) household earnings, (3) economic output, and (4) value added.
