Economic Impact Assessment
We assess the economic impact of projects and development proposals to help show the impact they will have on local communities and economies.
Image credit: Wolters Partner, Coesfeld, CC BY-SA 4.0, via Wikimedia Commons
How We Can Help
Through an Economic Impact Assessment (EIA) we assess the economic impact of projects and development proposals to help show the impact they will have on local communities and economies. This helps to secure support for projects, and also helps to understand how to mitigate negative impacts and maximise positive ones.
The Importance of Understanding Economic Impact
We recognise the importance of understanding economic impact, and through our work we can help to identify the significance that certain types of investments and developments can have in supporting economic growth. An EIA that clearly communicates the economic and social benefits of a project or development can enhance communication with planning authorities, the public, and other stakeholders. Just as important is how an EIA can describe potential negative impacts – and set out how these can be mitigated – to assure stakeholders that development is taking place in a responsible manner that aligns with policy and strategy.
Our Approach
We calculate economic impact by looking at a range of factors, including: jobs; wages; GVA; employment opportunities for local people; disposable household income; and public sector revenues e.g. business rates.
In addition to these impacts, a development’s impact will typically be much wider by generating further activity throughout the economy. This is characterised by supply chain activity that takes place as a result of the development, and spending by those who earn wages from the direct and indirect supply chain linkages that result from the development. We ensure these indirect and induced effects are captured in order to properly characterise a development’s beneficial impacts.
Throughout our approach we draw on best practice guidance, and work with clients to assess the best available information, ensuring an appropriate level of detail to meet our client’s specific needs.
HJA were commissioned by Nudge Community Builders to deliver an economic impact statement to support their work to regenerate the Union Street area of Plymouth.
In 2018, HJA was instructed by the now East Suffolk Council and Suffolk County Council to produce an Economic Impact Assessment of the proposals for the construction of the new Sizewell C nuclear power station.
HJA was instructed to make the economic case for the proposed development of an employment-led mixed-use development in Brentwood, Essex, centred on a prestige car dealership and service/repair workshop.
HJA were commissioned by Nudge Community Builders to deliver an economic impact statement to support their work to regenerate the Union Street area of Plymouth.
In 2018, HJA was instructed by the now East Suffolk Council and Suffolk County Council to produce an Economic Impact Assessment of the proposals for the construction of the new Sizewell C nuclear power station.
