Communicating Your Project’s Value to Local Stakeholders
December 9, 2021
Congratulations. Your business is growing! Revenue is up, and you just launched a new product that is flying off the shelves. The only problem is you need to hire more people and you have no place to put them. You have hired a site selector, and they have found the perfect location — good access to interstates, labor, and everything else you could want. The only concern is the public. The community likes its small-town rural feel and is worried your project will change their lifestyle too much.
You need an economic impact study. Put simply, an economic impact study estimates the ripple impact of your expansion or relocation. In addition to your direct hires, jobs are created in the region when your firm purchases from local suppliers and your employees spend some of their income in the region. Measuring the full impact of your expansion on the region can help convince two key constituencies to support your project: government officials and the public.