What are economic impact studies and why are they important?

What are economic impact studies and why are they important?

Economic impact studies analyze the effects of an event, policy, or project on the economy. They help stakeholders understand potential benefits and costs.

Can you give me an example of an economic impact study?

Sure! A common example is a study assessing the economic impact of a new sports stadium on local employment and business revenue.

How do you conduct an economic impact study?

Conducting a study typically involves data collection, modeling economic effects, and analyzing direct, indirect, and induced impacts.

What are the limitations of economic impact studies?

Limitations include reliance on assumptions, potential biases in data, and challenges in measuring long-term effects.

Who usually commissions these studies?

They are often commissioned by government agencies, businesses, or non-profits looking to assess the viability of projects or policies.