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CITY OF SURPRISE Community and Economic Development Department Planning and Zoning Division 12425 West Bell Road, Suite D100 Surprise, AZ 85374 Phone 623.583.1088 Fax 623.875.5049 APPENDIX B ECONOMIC

How to fill out economic impact - analysis

How to fill out economic impact analysis:

1. Gather necessary data: Begin by collecting all relevant data such as financial statements, sales figures, operational costs, and employment data. This will serve as the foundation for your analysis.
2. Identify the scope of analysis: Clearly define the boundaries of your analysis and determine what economic factors you will be considering. This could include measuring the impact on local businesses, employment rates, government revenues, or other specific areas.
3. Select an appropriate methodology: Determine the best approach for conducting your economic impact analysis. This may involve using formulas, models, or statistical tools to quantify the impact of specific activities or events.
4. Analyze direct impacts: Start by assessing the direct effects that the event or activity in question has on the local economy. This could include calculating the increase in sales revenue, job creation, or changes in production output.
5. Evaluate indirect impacts: Next, consider the indirect effects that result from the initial economic changes. These could include changes in supply chain activities, supplier revenues, or income generated by employees spending their wages locally.
6. Assess induced impacts: Finally, analyze the induced effects that arise from changes in spending patterns due to the direct and indirect impacts. This involves evaluating the overall economic multiplier effect, which considers how increased economic activity ripples through the local economy.

Who needs economic impact analysis?

1. Governments: Economic impact analysis is crucial for governments to assess the potential outcomes of various policies, investments, or events. It helps them make informed decisions regarding resource allocation, infrastructure development, or regulatory frameworks.
2. Businesses: Companies can utilize economic impact analysis to evaluate the potential effects of their expansion plans, new product launches, or changes in operations. It provides insights into the potential benefits and risks associated with their actions.
3. Non-profit organizations: Non-profits often require economic impact analysis to showcase the value they bring to the community. By quantifying the benefits they provide, they can effectively communicate their impact to stakeholders, donors, or grant providers.
4. Event organizers: Understanding the economic impact of events such as concerts, conferences, or sports tournaments is crucial for event organizers. It helps them assess the financial viability of hosting such events and provides data for attracting sponsors or securing funding.
5. Investors: When making investment decisions, analyzing the economic impact of a project or venture is essential. It allows investors to evaluate potential returns, risks, and overall economic feasibility.

In summary, economic impact analysis requires careful data collection, analysis of direct and indirect impacts, and an evaluation of induced effects. It is relevant for governments, businesses, non-profit organizations, event organizers, and investors, helping them make informed decisions and understand the broader economic consequences of their actions.

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What is economic impact - analysis?

Economic impact analysis is a study that measures the effect of a specific project, policy, event, or investment on the economy.

Who is required to file economic impact - analysis?

Certain businesses, organizations, or government entities may be required to file economic impact analysis depending on the regulations or jurisdiction.

How to fill out economic impact - analysis?

To fill out economic impact analysis, one needs to gather relevant data, use appropriate methodology, and analyze the results to determine the economic effects.

What is the purpose of economic impact - analysis?

The purpose of economic impact analysis is to understand the potential benefits, costs, and overall economic consequences of a particular decision or action.

What information must be reported on economic impact - analysis?

Information such as employment impacts, revenue generation, cost savings, and other economic indicators must be reported on economic impact analysis.

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