Back in August we published a blog post to address one of the most common questions asked of us, “What Is IMPLAN?” One of the reasons this question remains a complicated one to answer is that economic impact analysis benefits such a diverse set of users (from academia, to federal government, to real estate and everything in between). To elaborate beyond what IMPLAN is and illustrate what it does, let’s take a look at some of our common user types and a high-level example of how each of them applies the power of economic impact analysis in their spheres of study or in their industry.
Two weeks ago, I published a post about the New Markets Tax Credits (NMTC) Program in the spirit of this year’s tax season coming to a close. Continuing on the topic, I sat down with our Marketing Design Director, and author of our newest Case Study “Of Curds & Whey”, Tim French, to pick his brain a little on the company he chose to interview and highlight as an exemplar of NMTC allocations done right.
In the spirit of Tax Season ending this week, and the new tax year ahead, let’s revisit the topic of the New Markets Tax Credit (NMTC) Program. Across the country, low income communities lack much needed investment, funding, and care as is apparent by the state of disrepair many of them have fallen into. Enter the New Markets Tax Credit Program. As stated by the Community Development Financial Institution (CDFI Fund’s) website, “the New Markets Tax Credit Program (NMTC Program) aims to break [the] cycle of disinvestment” in low income communities “by attracting the private investment necessary to reinvigorate struggling local economies”. The NMTC Program is jointly administered by the CDFI Fund and the Internal Revenue Service (IRS). While many communities and initiatives attempt to secure this elusive funding, only few are granted it due to the rigorous process that must be undergone to qualify.
IMPLAN can be used to quantify the impact of a given industry on its local economy, including ones as varied and nuanced as Tourism.
Late last year, we published an example of this—a case study highlighting how the City of Baltimore and the Waterfront Partnership illustrated the need for reinvestment in its Inner Harbor using impact analysis. Much news media attention and high level support (from the city’s then-mayor and the CEO of the Greater Baltimore Committee) for the reinvigoration of the harbor was garnered as a result of the analysis using IMPLAN data. You can read that case study here.