Economic Contribution Analysis-A Brief Introduction
- Type
- Publication
- Date of Publication
- December 7, 2021
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Topics:
Overview
The direct value of industry sales or employment is an important measure of an industry's strength. However, an industry's sales or employment figures alone fail to capture the full economic contribution of an industry or an event. When a business makes a sale to a final consumer, a portion of production expenses are paid to the business's local suppliers and wages are paid to employees. Business owners and employees also spend part of their profits and wages on the local economy. As money circulates through the local economy, it multiplies the original direct expenditure to a larger total economic output. Economic impact analysis (or economic contribution analysis) is based on the idea that a dollar spent in a region stimulates additional economic activity, or multiplies as it circulates through the economy. (1 page)
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