To quantify a cultural project’s value to a region or local economy, Chora provides a rigorous Economic Impact Analysis. Its aim is to assess the implications of a project for aggregate demand, employment and earnings in the host regional economy. A well-articulated and rigorous impact study can be a critical prerequisite for community and donor support.
Chora’s approach makes use of the well-respected Regional Input-Output Modelling System (RIMS II) of the Bureau of Economic Analysis of the U.S. Department of Commerce. RIMS II uses industry level data to estimate the impact of a one-dollar increase in the demand for goods and services from a new institution or project on household incomes and regional suppliers. With a customized perspective, our economic impact analysis will demonstrate the inter-industry economic interconnections and quantify the spillovers of an increase in the output of one industry on all others industries and household incomes of a region. Having reliable, tangible, and sound measures of a project’s economic impact will complement and justify the procurement of public and private funds.
The hallmarks of Chora’s Economic Impact Analysis are realistic assumptions, conservative estimates, and a transparent, robust methodology.