The terms “economic impact” and “economic contribution” are often used interchangeably. However, the results they provide differ significantly. Impact analyses predict economic shifts based on change in an industry. Contribution analyses model the effects supported by an existing business or industry in a defined area. Industry contribution analyses are particularly important to groups like trade organizations or businesses that would like to determine their overall economic contribution at their current production rate.

In this audio article, you will hear a brief history of economic studies and in-depth examples of industries that have completed contribution analyses. You will learn what insight these industries gained from their studies and how they proceeded with this information.

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In this recording, you will hear from (in order of appearance):

Tim French
Marketing Design Director at IMPLAN Group, LLC
 

Matt Fannin
Associate Director, Analytic & Academic Programs at Rural Policy Research Institute and William H. Alexander Endowed Professor at Louisiana State University

Drew Varnado
Product Manager & Economist at IMPLAN Group, LLC

Devin Swindall
Vice President of Sales & Customer Success at IMPLAN Group, LLC

Several studies were referenced in this piece. You can read more about each of them below:

• Motor & Equipment Manufacturers Association (MEMA)
• South Carolina Forestry Commission (2016-17, Follow-Up)
• Agricultural and Food Policy Center at Texas A&M Rice Industry Contribution

Now that you’ve heard what these industries captured from their own contribution analyses, see one in action. Click on the image below to watch the webinar.