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Understanding Economic Impact Analysis
10 a.m. – 3 p.m.
Ohio University - Russ Innovation Gateway, Beavercreek, OH
The Ohio Economic Development Association is proud to have partnered with JobsOhio and Ohio University Voinovich School to create the Ohio Economic Development Institute, the state’s premier professional development program for economic development professionals.
Workshop Description: Economic impact analysis is a common tool used to explain the impact of new firm location, the loss of a major employer or the impact of a new development. Economic impact analysis shows the direct benefit of job creation (or loss), and the impact on the local supply chain and broader economy in terms of employment, income, and economic output. This course reviews the common economic impact models: IMPLAN, RIMS-II, and REMI, and discusses the advantages and disadvantages of each approach.
Participants will review economic impact model examples and explore the application and misuse of these tools in real-world economic development projects. At the conclusion of the course, participants will be better positioned to evaluate economic impact models and have a baseline for pursuing further training on conducting economic impact analysis. This course complements a future OEDI elective: Understanding Fiscal Impact Analysis.