Wilmington Luncheon Recap
Over 40 attendees participated in the 2019 Eastern Regional Networking Luncheon presented by ECS Southeast, that was held September 26 in Wilmington. Luncheon attendees heard a compelling presentation by veteran economic development leader Penny Whiteheart, who facilitated a discussion on how to get maximum benefits from an economic impact analysis.
An Economic Impact Analysis is a good way to evaluate and communicate the potential value of new economic activity in your community. It can also be used to look at proposed new infrastructure investments like a new industrial park or utility extension, or a potential adverse effect like a hospital or other company closing. Tools like IMPLAN use economic models to estimate these impacts from a few variables such as change in employment or change in sales and the sector of the economy that is impacted. With public investments on the line, an economic impact analysis quantifies potential benefits to the community and contributes to a clear communication plan. During the presentation, Penny reviewed some example impacts from projects like a new pharmaceutical employer or the development of an industrial park. There was a lively discussion about multipliers and economic models including feedback from luncheon sponsor IMPLAN.
If you are interested in learning more about how an economic impact analysis could benefit a project you are working on, contact Creative Economic Development Consulting (firstname.lastname@example.org) or click HERE to view a listing NCEDA has compiled of experts in our UNC System who can help.
A special thanks to our luncheon sponsors: ECS Southeast, IMPLAN, NC Biotechnology Center, Realtors Commercial Alliance of Southeast NC and Wilmington Business Development!