Have you ever wanted to study the impact of multiple projects over one or multiple years? Ever wondered exactly what each dollar of your budget has done for your economy? Do you need a tool to explain your community’s economic activity to your board or council?
Look no further! Performance Reports will help you pull all of your projects together to complete one comprehensive analysis.
Check out the video below. Are you more of a visual than audio person? Scroll down to read the video transcript and look at the graphs.
Performance reports show the impact of multiple projects over the course of one or multiple years. In this example, we are showing multiple projects over five years.
The first table of data shows the jobs and capital investment over the period studied. In the example you can see that this EDO had a total of 25 project wins over the past 5 years, which added just over 1,100 jobs to the local economy and about $280 million in capital investment.
Next, let’s look at a summary of the economic impact of these projects. Impact DataSource estimated the impact of each project over a 10-year period. In total, the projects created or supported just under 1,600 direct, indirect, and induced jobs in the area studied. Also, the projects created or supported a little over $45 million dollars of direct and induced workers’ earnings.
The third table shows the property tax revenues over the next 10 years to be collected. Taking into account the time value of money, the businesses will generate $36.8 million in total for all local taxing districts.
Finally, we analyze what the return on investment in economic development generates for the local economy. The table looks at a 10 year return on investment. This particular economic development organization had $2.7 million dollars of funding from 2012 to 2016. The table shows exactly what this funding produced in the local economy by way of jobs, economic output, workers earnings, and property tax revenues.
In summary, for every $1 of investment, this Economic Development Organization generated $1,722 in economic output, $181 in additional worker earnings, $4.62 in additional net benefits for the county, and $13.66 in net benefits for all local taxing districts. In addition, over this period from 2012-2016, a direct job was created with every $2,400.
For those interested in getting into the weeds with data, we include a detailed report that will share the type of projects you have won, how many have received incentives, construction spending, and much more.
We can even create an infographic of data, if you request it.
Performance reports help to make your EDO more transparent to your board or council. They can also show you what areas your community has excelled in and where you may need to devote some extra time.
Please don’t hesitate to reach out to an Impact DataSource team member with questions or to view a sample report!
Banner Photo Credit: FreeImages.com/Andrzej Pobiedzinski