Economic Impact Analysis (EIA) is a methodology for evaluating the impacts of a project, program or policy on the economy of a specified region. It is an important analysis tool for decision-making, providing a measure of strategic goal achievement that complements the analysis of efficiency (benefit-cost) analysis and financial feasibility. EIA is useful to show impacts on jobs, income, operating costs, productivity and competitiveness – and their distribution among industries, regions and over time.
EDR Group is widely recognized as a leader in the application of EIA, particularly as it relates to the wider economic impacts of transportation projects, energy and environmental policies, economic development programs and urban development investments. This includes the application of input-output models and dynamic multi-regional simulation models for client throughout the US and Canada, as well as in Australia, China and South Africa. We use EIA address the following issues:
- The current economic role and contribution of existing industries, facilities and activity centers,
- The expected future economic impact of proposed policies, programs and investment projects,
- The actual, cumulative economic impact of previously implemented programs and projects, and
- Effects on the generation of better paying jobs, in industries offering greater stability and future income growth opportunities.
EIA results may be indicators of strategic economic development outcomes, or secondary impacts. Either way, a hallmark of our EIA service has been our ability to communicate findings in straightforward ways that matter to stakeholders and decision-makers.