Economic Development Consulting

Our work helps communities make good decisions with economic development resources. We take abstract factors like number of jobs and capital investment and translate them into dollars generated for the communities. With a final dollar figure, it is easier to determine if and how much local resources should be allocated to the project.

Why Impact DataSource?

Communities and states across the country want to attract and foster economic growth: new employment opportunities for residents, higher salaries, new tax revenue, a resilient and diversified economy. In some instances, state/local governments are willing to provide public support in the form of economic development incentives to encourage this growth. The new economic growth will almost certainly result in new costs for state/local governments. This is where Impact DataSource comes in.

Impact DataSource quantifies those economic benefits and estimates how they translate into taxes. We also estimate the government costs related to that growth. The net benefit to the community is used to calculate the ROI on incentives so public officials can be sure their efforts result in a win-win for residents.

We apply this approach to economic development in two different ways. For software that puts you in the driver’s seat, check out Impact DashBoard. If you want experienced, professional economists to prepare the study for you, read on.

Individual Impact Reports

Individual impact reports prepared by Impact DataSource evaluate the economic and fiscal impact of a new or expanding business or an economic development project. The report will be completely customized for the community and can analyze incentives that may be considered for the project including property tax abatement, sales tax rebates, tax increment financing, cash incentives, or whatever else you’re up to.

Individual impact reports can helpful to building consensus in the community and are just what the community’s stakeholders have ordered.

 

     Executive Summary

     Infographic Single Project

EDO Performance Report

An Economic Development Organization Performance Report is a great way to take stock of your success. Taking a group of economic development projects, (a year’s worth, for example), we sum them all up and show the economic and fiscal impact combined over a period of time. This is a fantastic way to show your board how much your team has brought to the community — the overall return on investment.

     Infographic EDO Performance Report

Impact DataSource has had the opportunity to analyze all types of studies in our 20+ year history. 

State Programs
  • California Competes
  • Iowa Reinvestment Districts
  • Texas Enterprise Fund Application
Energy
  • Ethanol Plants
  • LNG Terminals
  • Oil Refineries
  • Power Plants
Special Purpose
  • Colleges & Universities
  • Military Bases
Sports & Conferences
  • Athletic Stadiums
  • Conference Centers
  • Events
  • Sports Training Facilities
Development
  • Hotels
  • Multi-family Residential
  • Single Family Residential
  • Mixed-Use Development
  • Restaurants
  • Retail Development
Business
  • Call Centers
  • Data Centers
  • Distribution& Warehousing
  • E-Commerce Fulfillment
  • Headquarters
  • Manufacturing
  • Medical Office & Hospitals
  • Research/Development

What do our impact studies analyze?

Economic Impacts
Our reports and models will determine the relevant direct and indirect economic impacts for your project. Each analysis is customized for the client, however, the list below identifies some of the economic impacts typically calculated by our analyses.
  • Increase in direct and indirect economic output
  • Number of new direct and indirect jobs created
  • Earnings for new direct and indirect workers
  • Number of new workers and total residents moving to the area
  • New taxable sales in the area
  • Number of additional out-of-town visitors to the area
  • New taxable lodging sales in the area
  • New residential and commercial property to be added to local tax rolls
Fiscal Impacts
Based on the economic impact of a project, our reports and models can estimate the fiscal impact – or additional revenues and costs – for all relevant local taxing entities. These taxing entities usually include the city, county, school district, and other special taxing districts. If necessary we can estimate the fiscal impact of the project on the state. The list below identifies some of the fiscal impacts commonly calculated by our analyses.,

ADDITIONAL REVENUES

  • Sales tax
  • Local income tax
  • Property tax
  • City utility revenue
  • Utility franchise fees
  • Hotel occupancy tax
  • Other taxes and user fees
  • Additional state and federal school funding for local school districts

ADDITIONAL COSTS

  • Costs of providing services to new workers moving to the area
  • Costs of providing services, including infrastructure, to the new industries
  • Costs of educating the children of new workers moving to the area

Revenues and Costs are calculated for each local taxing entity as appropriate.

 

 

 

 

 

 

 

Incentive Analysis
In addition to calculating economic and fiscal impacts, our reports and models can provide an analysis of possible incentives under consideration. This analysis will depend entirely on the types of incentives your organization is considering for the project. Some common incentives include property tax abatement, sales tax rebates, tax increment financing districts, loans, and cash incentives. We can customize the report or model to help you analyze incentives in a way that makes sense to you.