• Economic impact analyses are valuable tools for generating insights into the value a new investment can bring to a region, but what does it really mean for your decision-making or tell you about your economy? Guest blogger Paul Scheuren of Impact DataSource explains the essentials of economic impact and shares his firm's know-how in today's article. Economic impacts occur anytime money changes hands; from consumer to business or even business to business. The biggest misconception is that there is a single value that represents the mystical concept of economic impact. Economic impact...

  • This post is part of an occasional series examining state and local incentive evaluation reports. Last month the Louisiana Legislative Auditor issued, “Tax Incentive Reporting. Follow-up on Agency Compliance with Act 191 of the 2013 Regular Session.” This report actually examines whether state agencies are complying with tax incentive reporting requirements. Those requirements include providing information on whether the incentive met its intended purpose, if the state received a positive return on investment, and whether there were any unintended effects caused by the incentive. From our perspective, an important finding was...

  • Successful economic development organizations do their homework before offering incentives. Our partners at Impact DataSource have prepared a useful guide for economic developers to follow when deciding whether a project is worthy of investment that complements our own approach to due diligence. This guide covers: business background community fit economic impact fiscal impact Here is guest blogger Paul Scheuren's introduction to the Due Diligence Checklist.  A recurring nightmare for many people is arriving to school and finding out there is a test for which you haven’t studied. Luckily, I can say I have only experienced this bone-shaking...

  • I was pleased this week to join the International Economic Development Council (IEDC) and panelists Michael Meek of the Greater New Braunfels Chamber of Commerce and Brian Kroll from the Virginia Economic Development Partnership for a webinar on how to “Evaluate and Maximize Your Return on Incentives.” Thanks to all the economic developers who joined us for the conversation. Topics we discussed were: IEDC’s Economic Development Research Partners (EDRP) have prepared a series of reports on incentives including: Seeding Growth: Maximizing the Return on Incentives More than Money: Alternative Investments that Benefit...

  • Evaluations should be part of a dialogue with policymakers and other stakeholders to improve programs and achieve shared economic development goals. To this end - and building on previous exchanges among state economic development leaders on ways to improve incentive program impact and evaluation - the Pew Charitable Trusts recently hosted an Evaluators Roundtable for state executive and legislative branch agencies tasked with conducting tax credit and incentive evaluations.  The Roundtable covered the following themes: Identifying goals, choosing metrics and accessing data A clear goal or performance statement is the...