HR&A’s economic and fiscal impact analyses help clients secure project approvals and public-private financing by providing clear rationales for action.
Economic and fiscal impact analysis is one of HR&A’s core capabilities. We excel at developing sophisticated and market-tested models to measure the impact of development projects and policies in terms of job creation, wages, tax revenues, and overall economic activity. Our robust analyses of project benefits provide our clients with a distinct advantage, whether they are competing for scarce resources, seeking project approvals, or pursuing a change in public policy. In the last four years, we have analyzed the impact of over $32 billion in proposed real estate development as well as a number of event-related impacts and the overall impact of whole districts and regions.
HR&A takes a creative approach grounded in rigorous quantitative analysis.
HR&A uses a three-step approach to economic analysis:
- We work closely with our clients to define project scope and ensure that measureable outcomes are aligned with project goals.
- We develop the appropriate economic and/or fiscal impact analysis approach and select appropriate techniques and models. Our professionals are experts in using sophisticated econometric models to calculate direct and “multiplier” effects, including input-output models (e.g., IMPLAN, RIMS II) and general equilibrium models (e.g. REMI), relying on data specific to the area of analysis.
- We frame our analysis in a strategic context informed by political and pragmatic realities.
HR&A tailors each economic and fiscal impact study to best meet our client’s needs.
We produce compelling deliverables that speak directly to the intended audience. Our reports do not sit on shelves — they catalyze decision making. In our economic and fiscal impact studies, we:
- Analyze the impacts of development scenarios to support public investment decisions;
- Demonstrate the value of a place or industry;
- Measure the fiscal impacts of proposed developments and planning initiatives; and
- Demonstrate the impacts and benefits of changes to public policy.