Balanced Value Impact Model

Economic Impact Assessment

Economic impact assessment estimates changes in employment, income or levels of business activity that may result from a proposed project or intervention. There are an enormous range of mechanisms to measure these outcomes. It is helpful to consider direct, indirect and induced economic impacts. Economic impacts accrue when it is possible to show that there is a financial return on investment that is specific and directly or indirectly measurable. The cultural field has used this approach successfully.

Economic impact can provide a focus to consider the wealth or level of economic activity in a given geographic area or zone of influence. It is usually feasible to identify baselines and significant indicators to measure improvement in the economic well-being of an area, such as via increased:See Case Study 3.6 The economic impact of Canadian libraries in Delivering Impact with Digital Resources.

See also: The Economic and Community Impacts of the Museum of Fine Arts, Boston

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