Economic Impact Studies
November 17, 2022
Serecon is working on several economic impact studies within various agricultural industries. The analysis for economic impact studies is a method of evaluating the economic effects of a particular policy, project, industry, or event on a specific region or community. This type of analysis typically involves examining the direct, indirect, and induced economic effects of the policy, project, or event in question. Direct effects are those that result directly from the primary action, such as the creation of new jobs, product output, or the generation of new tax revenues. Indirect effects are those that result from the production of inputs required to produce the direct output, such as the production of raw materials used in manufacturing or the machinery and equipment used in the production process. Induced effects are those that result from the increased income and spending of the direct and indirect beneficiaries of the policy, project, industry, or event, such as increased consumer spending or increased demand for local goods and services. Economic impact analysis can be useful for policymakers, business leaders, and community stakeholders in understanding the potential economic consequences of their decisions and actions. Additionally, it is a great tool to help policymakers fine-tune budget or resource allocation to achieve desired impact numbers.
To find out more, including inquiries about a project, please reach us via email here and one of our specialists in the business of agriculture will get back to you.