Using IMPLAN data proved to be an invaluable choice for UFA and its partners in their search for metrics and data-driven evidence of the value of the 12W project.
In assessing its benefits, UFA were able to quantify the widespread effects of the $29 million allocation they were granted and were able to deliver, on paper, the number of jobs that their use of that spending might create and the dollars of local spending it could stimulate. Furthermore, economic impact analysis is such a thorough method of analysis that their study was actually able to reveal the dollars of indirect and induced economic activity that by the project’s spending could stimulate as well.
This meant that in addition to being able to track how much spending might be stimulated by the project itself amongst local businesses, they were also able to track how much spending might be stimulated by those businesses’ and their employees. In fact, economic impact analysis is so thorough that it’s able to do this until all of the original spending has effectively exited the region, essentially allowing an analyst to track each and every dollar of their original spending along its entire journey through the local economy.
So, by using IMPLAN data to perform economic impact analysis, UFA was able to show the CDFI, down to the dollar, the exact amount that their allocations could stimulate and the industries the project might affect most greatly.
Grassa, BlueStar Donuts, Tanner Goods, Lardo, Bamboo Sushi, Whole Foods, Multnomah Whiskey Library, Tasty & Alder, and Powell’s Books are a few of the businesses in the Pearl District who benefit from the indirect effects of UFA’s economic impact.