Economic Impact

Analyzing long-term ripple effects of economic development

The GFMEDC works with a local economist to analyze the ripple effects of new capital investment and jobs on the local market. The analysis provides the return on investment (additional sales in the market and additional employees for example) spurred by the GFMEDC’s assistance with attraction and expansion projects completed by primary-sector companies. 

This analysis is specific to 50 local industry sectors, such as banking and healthcare, where additional sales and employees are sustained by the modeled successful projects. The analysis also models construction costs for projects with new buildings and fit ups as well as any equipment locally procured. 

The GFMEDC tracks the metrics of successful primary-sector projects: number of jobs, capital investment and square feet utilized. These metrics ripple through the MSA with positive effects, like additional jobs, employee compensation and sales, spilling over into neighboring communities. In the analysis, projects with new jobs and increased property values are analyzed for long term impacts, such as employee compensation, over time. Short-term impacts, such as construction spending, are included in our analysis as well. 

 

Ripple Effect into Main Street 

Utilizing economic impact modeling software enables us to delve deeper into understanding the direct, indirect and induced ripple effects stemming from the growth of the region’s primary sector. These effects encompass both ongoing operations and construction activities. 

Thanks to the successful projects spearheaded by GFMEDC, the industries listed below are poised for an uptick in their sales once expansion projects reach full employment capacity and construction activities draw to a close. 

While the precise figures may vary across economic sectors, it’s noteworthy that recurring impacts, year after year, contribute to approximately 73% of the sales values outlined below. 

Accommodations	$15,809,000
Administrative & Support Services	$172,620,000
Air Transportation	$6,380,000
Ambulatory Health Care	$95,050,000
Amusement/Gambling/Recreation	$15,960,000
Broadcasting	$30,680,000
Building Materials & Garden Dealers	$25,230,000
Clothing & Accessories Stores	$14,020,000
Construction	$798,700,000
Credit Intermediation & Related	$25,270,000
Data Processing, Hosting & Related Services	$216,000,000
Educational Services	$29,202,000
Electronics & Appliances Stores	$13,954,000
Food & Beverage Stores	$32,360,000
Food Services & Drinking Places	$91,050,000
Funds/Trusts/Other Financial	$80,340,000
Furniture & Home Furnishings	$69,850,000
Gasoline Stations	$15,244,000
General Merch Stores	$22,830,000
Government	$15,936,000
Health & Personal Care Stores	$11,244,000
Hospitals	$104,330,000
Insurance Carriers & Related	$129,730,000
Lessor Nonfinance Intangible	$16,970,000
Misc. Store Retailers	$12,740,000
Motor Vehicle & Parts Dealers	$34,970,000
Museums/Historical Sites & Similar	$2,266,000
Non-store Retailers	$31,050,000
Nursing & Residential Care	$38,730,000
Other Information Services	$13,573,000
Performing Arts & Spectator Sports	$52,268,000
Personal & Laundry Services	$40,538,000
Professional/Scientific/Tech Services	$321,730,000
Publishing Industries	$551,520,000
Rail Transportation	$33,830,000
Real Estate	$373,190,000
Religious/Grantmaking/Civic/Professional	$42,320,000
Rental & Leasing Services	$90,770,000
Repair & Maintenance	$57,230,000
Scenic and Sightseeing Transportation	$19,360,000
Securities, Commodity Contracts & Other Financial	$38,710,000
Social Assistance	$21,560,000
Sports/Hobby/Book/Music	$6,710,000
Telecommunications	$38,950,000
Transit & Ground Passenger Transportation	$12,910,000
Truck Transportation	$98,580,000
Utilities	$93,740,000
Waste Management & Remediation Services	$5,084,000
Water Transportation	$4,653,000
Wholesale Trade	$575,720,000