Economic Impact Analysis

Adept Economics understands the inter-connected nature of economy.

To examine the effects in a specified area with a specialist economist, chat to us today

Economic Impact Analysis

Adept Economics understands the inter-connected nature of economy. So many industries and sectors are linked as they purchase goods and services from each other, and income earned flows to households who spend it in turn.

We think it is essential that economic impact analysis takes this inter-connectedness into account. Our experts in economic analysis will clearly identify your project or policy’s value to the economy and community.

Our economists can model both the direct impacts (economic activity and jobs associated directly with the project/policy itself) and indirect flow-on impacts, of your project or policy including indirect impact via:

supply chain (e.g. food manufacturing purchases products from agricultural sector); and
induced consumption associated with additional incomes in community arising from direct and supply chain impacts of project (typically only significant in the case of a regional economy with high unemployment).

Adept Economics has substantial experience estimating visitor numbers and expected tourism expenditures for economic impact analysis studies. We provide direct and indirect $/value added and FTE employment impacts:

at national, state, regional (e.g. ABS SA2-SA4 levels) or local government area (LGA) level
industry breakdown (ANZSIC)
occupational breakdown (ANZSCO)

We will work with you to obtain the data necessary for the economic impact analysis, including CAPEX and OPEX forecasts and sales/revenues forecasts.

We will determine most appropriate methodology including consideration of input output (IO) and computable general equilibrium (CGE) modelling techniques, taking into account your timeframe and budget. Broadly speaking, IO analysis is most appropriate for small to medium projects in regional economies and gives an upper bound of estimated impacts. CGE analysis is more appropriate for large scale projects and where more precise estimates of impacts are required. We will explain the pros and cons of each technique to you before undertaking either analysis.

Tailored services include…

Comprehensive report
Modelling results in Excel workbook
Contribution to your business case or funding submission
Contribution to environmental impact statements
Bespoke regional economic model (e.g. input output tables)
Visualisations including info graphics of CBA/ROI results
PPT presentation

Social ROI and Cost-benefit Analysis Economic Impact Analysis Regulatory and Policy Analysis and Advice Economic Contribution and Valuation Analysis Data Analysis and Economic Modelling Training & Education

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Adept Economics Tips for Economic Impact Assessment ebook

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Case Study

Toowoomba Railway Goods Shed Redevelopment and Railway Parklands project

In August 2016, Adept Economics assisted Toowoomba Regional Council (TRC) with its successful application for $5 million from the Queensland Government’s Building our Regions fund to support the repair of the historic Railway Goods Shed on the CBD fringe. Adept Economics Principal Gene Tunny prepared an economic analysis of the project demonstrating the project’s viability and economic impacts. The Department of State Development notes (see Toowoomba Railway Goods Shed Repair):

Repair and refurbishment of the historic Toowoomba Railway Good Shed will create a commercial and cultural focal point for the community—a place for markets, functions and events, and cultural activities such as artists in residence…

…The Toowoomba Railway Goods Shed is almost 120 years old and a link to the city’s historic economic prosperity. Once complete the project will provide a first-class flexible space for a multitude of commercial and community uses that will benefit residents and visitors alike.

The goods shed refurbishment is part of a broader $50 million Railway Parkland project and will catalyse development in the area by supporting small businesses, direct and indirect jobs, and private investment.

Adept Economics worked closely with TRC to forecast the expected regional economic impacts including by:

estimating local construction spending and construction industry jobs;
forecasting visitor numbers based on comparable facilities across the world and also based on Toowoomba visitor data (e.g. for Carnival of Flowers);
estimating expected spending at Goods Shed businesses by locals and visitors, recognising that visitor spending is more likely to represent genuine additional spending in the community.

To inform the analysis, Adept Economics consulted widely across TRC and with the Toowoomba office of the Department of State Development and also with local business, tourism and real estate professionals.