An economic impact study looks at the effect an event has on a local economy. An event can be an industry or cluster of industries, a business or a particular project. In general, these studies use financial and economic data to generate the direct, indirect and induced impacts resulting from having that event in the area.

An economic impact study provides:

1. An economic overview of the industries in the area;
2. Economic and workforce overview of the industry or cluster included in the report;
3. Use of GIS (mapping) and ESRI Business Analyst to identify businesses in the area;
4. Extensive search, analyses and conversations with business representatives to determine most accurately those businesses associated with the industry or cluster; 
5. Use of Implan to calculate the economic impact of those businesses in terms of jobs, output and labor income;
6. Conclusions.

Economic Impact Study of the Agricultural Cluster

An economic impact study of the agricultural cluster looks beyond production agriculture to include businesses that are directly related to the agricultural industry, such as agricultural inputs and food processing and manufacturing. In addition to these supporting businesses, there could be hundreds of establishments in a community that are service-based (finance, veterinary, recreation), transportation, communications, as well as wholesale and retail businesses that are also 100% dedicated to agriculture. These businesses are also included in an economic impact study to explore the full impact of agriculture.

Work Samples: Influence of the Agricultural Cluster to Woodford County's Economy (2017): Executive Summary, Full Report

Services and fees vary.

Contact Research Director Simona Balazs at (859) 218-5764 or simona.balazs@uky.edu to get started.