Types of Economic Impact Stories
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This document discusses different types of economic impact stories and concepts. It provides examples of common ratios used to measure economic impact and discusses multipliers. It also recommends questions to ask when evaluating different economic impact claims, such as who conducted the study and who paid for it, as well as details on timeframes and types of impacts.
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Types of Economic Impact Stories
- 4. Nov. 9, 1998
- 9. “ Many economists think most of that is pretty silly ” David Card, president of Society of Labor Economists, as quoted in The New York Times
- 16. Personal income in Tupelo: $901 million; Retail sales: $800 million Total reported economic impact of tourism and events: $60 million
- 25. In Texarkana, up to 500 jobs have been or will be lost in a city of approximately 35,000, said Jerry Sparks, director of economic development for the Texarkana Chamber of Commerce. “If you start looking at 500 jobs lost in this community, ... you rapidly get into the hundreds of millions of dollars in loss in the community,” he said.
- 28. Questions? [email_address] / 919.613.7348
Editor's Notes
- The economic impact study is mainly an invention of the 80s, and it grew tremendously with easier models.
- Used some simple math to see if the subsidies add up. Example: Aker Piladelphia shipyards, say jobs pay $50k each, and each new worker pays 6500 in state and local taxes. It will take 50 years to get paid back for the money. Assumes eveyrone comes from outside the area nd is hired new.
- Rep. Sean Duffey, arguing on the House floor that increased standards for boilers at paper manufacturers will ship thousands of jobs to China, as companies are forced to spend “millions” on new boilers.
- Reporting on these is actually a little harder than the public works project, the big plant closing or the economic development subsidy. Here, you have to decide whether to just repeat what they say and move on quickly, leaving the impression it may be correct; challenge it and risk side-tracking your overall story, or cut that part of the quote out completely, possibly undermining your source’s / story’s premise. They aren’t good choices. I’m going to look for hands raised to see if anyone has a good way to deal with these.
- Talk about the stimulus for two reasons: 1) it’s a big local story, often misunderstood. And 2) it’s the simplest case of counting jobs: the job estimates are the # reported by the people who got the money in terms of how much the federal government directly paid for – they had to show each job’s funding and only count those that were funded by the stimlus. Never done this way, and by far very low.
- Recovery board shows some really low values for jobs --
- Number 1: The amount of $ per “job” in the stimulus. In Number 2: The average sales dollars per job across the economy, ranging from nearly $1 million for utilities, to $53,000 for tourism-related servies like accommodations and food service. These aren’t exactly comparable – the revenue is higher than the cost per employee, but most of this is in grants where the money goes directly for people and the materials needed to support their jobs.
- Talk about the stimulus for two reasons: 1) it’s a big local story, often misunderstood. And 2) it’s the simplest case of counting jobs: the job estimates are the # reported by the people who got the money in terms of how much the federal government directly paid for – they had to show each job’s funding and only count those that were funded by the stimlus. Never done this way, and by far very low.
- Recovery board shows some really low values for jobs --
- Need to get the personal income of Rockford, Ill – this seems really high given its size. Could only get county (Winnebego) Personal income is 9.6 billion, employment 160,000. (BEA personal income) , Need the return on investment. (How much will it cost vs. what will they get?)
- In 2008, though, he said that “Its very esciting” to think of what could be done with it.