By Anthony Michael, Project Manager
Virtually every industry and sector throughout the American economy has a professional or business association – if not multiple. In fact, nearly one third of all Americans belong to the association ecosystem, either as employees, members, or volunteers.
Associations are important voices for their members, as they are at the forefront of implementing programs and shaping policies which benefit the greater public good. They form industry standards for quality and safety, provide disaster and economic relief, and offer expertise to create better polices.
As tools for economic development, professional and business associations are vital pieces to the puzzle. According to the Center for Association Leadership, they employ more than 1.6 million people in all 50 states, generating a total payroll of over $47 billion. As a whole, they contribute to a major share of all bookings made within the meeting and convention industry, which supports 1.7 million jobs and accounts for $263 billion in spending annually.
Illustrating the Value of Your Association
Economic impact studies are effective tools for quantifying and illustrating the value of individual professional and business associations. They are versatile, as they can illustrate the value or impact of a specific policy or quantify the economic contribution of your members to the local, regional, and nationwide economies.
AngelouEconomics has worked with numerous professional and business associations in building dozens of unique economic impact studies. Some have examined the effects of statewide policy measures, such as the Texas Bathroom Bill or ban on Sanctuary Cities. Others 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.
Want to Learn More?
If you would like to learn more about how an economic impact study can be tailored to fit your organization’s narrative, I’d love to hear from you!