Why perform an economic impact study?
It’s common to find economic impact studies for events, corporations, and industries. The scope of work for these are vast – popular concerts, university sports, Texas tourism, Austin’s park and recreation system, and so forth. Why are these so often pursued? Over the last few weeks, our recent blog posts highlighted how music festivals benefit from economic impact studies. Corporations can also benefit in many ways, including:
- Depicting strengths to stakeholders
- Highlighting philanthropic efforts
- Documenting historic trends and future projects for local, state, and federal government agencies
One of our recent and notable clients is AMD. With over 10,000 employees and a net income of $341 million, the company is a technology force. AMD is the second-largest semiconductor supplier and is second only to Intel for x86-based microprocessors. There are currently 37 locations worldwide, including a high-performing office in Austin. The picture on the left illustrates several general slides from our analysis on the organization.
The AMD project involved the historic 7-year economic impact and a forecasted 5-year economic impact for its operations in California, Massachusetts, and Texas. Analysis began with a broad look at the semiconductor industry and how AMD fits within the field as a whole. From there, more specific analyses based on proprietary datasets were conducted.
The general numbers presented assist in maintaining data confidentiality. Our team’s breadth of knowledge and skills together enable us to uniquely cater each study to an organization’s needs.
AngelouEconomics has worked with numerous professional and business associations in building dozens of unique economic impact studies, as well as site selection projects and strategic economic development projects. Some projects have examined the effects of statewide policy measures, such as the Texas Bathroom Bill or ban on Sanctuary Cities. Other projects have measured the contribution of member networks in terms of jobs, wages, and total economic output. Like this study for Prospera, a nonprofit organization which specializes in providing bilingual assistance to Hispanic entrepreneurs in Florida. Economic impact studies are effective tools for quantifying and illustrating the value of individual professional and business associations.
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