Nigeria, like other developing countries of the world is paying more attention on how to accelerate the rate of her development through the various sectors of the economy. Petroleum or crude oil is an oily, bituminous liquid, consisting of a mixture of many substances mainly the elements of carbon and hydrogen, and thus known as hydrocarbon. It also contains a very small amount of non-hydrocarbon elements, chief amongst which are sulphur, nitrogen and oxygen.
Overview[ edit ] An economic impact analysis attempts to measure or estimate the change in economic activity in a specified regioncaused by a specific business, organization, policy, program, project, activity, or other economic event.
Types of Economic Impacts[ edit ] Economic impact analyses often estimate multiple types of impacts.
An output impact is the total increase in business sales revenue. In turn, local businesses use some of this new revenue to pay for goods and services outside of the study region, so the output impact is not synonymous with local business profits. This impact estimates the increase in local employee wages plus local business profits not total revenue, like the output impact.
However, the value added impact may overstate local profits when they are transferred overseas such as in the form of dividends or investments in foreign facilities. This is a measure of the economic impact on just personal incomes, not business revenues or profits.
A similar measure is the employment impact, which measures the increase in the number of total employees in the local region. Instead of measuring the economic impact in terms of money, this measure presents the impact on the number of jobs in the region.
Each impact can be decomposed into different components, depending on the effect that caused the impact. Direct effects are the results of the money initially spent in the study region by the business or organization being studied. This includes money spent to pay for salaries, supplies, raw materials, and operating expenses.
Indirect effects are the results of business-to-business transactions indirectly caused by the direct effects.
Businesses initially benefiting from the direct effects will subsequently increase spending at other local businesses. The indirect effect is a measure of this increase in business-to-business activity not including the initial round of spending, which is included in the direct effects.
Businesses experiencing increased revenue from the direct and indirect effects will subsequently increase payroll expenditures by hiring more employees, increasing payroll hours, raising salaries, etc.
Households will, in turn, increase spending at local businesses. The induced effect is a measure of this increase in household-to-business activity. Finally, dynamic effects are caused by geographic shifts over time in populations and businesses. These models rely on inter-industry data to determine how effects in one industry will impact other sectors.
Based on this data, multipliers are calculated and used to estimate economic impacts. These are more complex econometric and general equilibrium models.
An economic impact analysis only covers specific types of economic activity. Some social impacts that affect a region's quality of lifesuch as safety and pollution, may be analyzed as part of a social impact assessmentbut not an economic impact analysis, even if the economic value of those factors could be quantified.
An economic impact analysis may also be performed to help calculate the benefits as part of a cost-benefit analysis. Several transportation agencies, including the Transportation Research Board  and US Department of Transportation  publish guides, standards, and techniques for utilizing economic impact analyses in transportation planning projects.
Economic impact analyses are often used to examine the consequences of economic development projects and efforts, such as real estate development, business openings and closures, and site selection projects.
The United States Department of Energy economic impact model is one example of this type of application. It can be useful with lobbyingmedia relations, and community outreach efforts.Economic Impact Report Economic Impact Report Grand Rapids Community College creates a significant positive impact on the business communities in Kent and Ottawa counties, where we generate a return on investment to our major stakeholder groups — students, taxpayers, and society.
While the zip code you entered is outside the project area, the Atlantic Sunrise pipeline has an economic impact beyond the project area by providing consumers along the East Coast with access to reliable, cost-effective natural gas supply.
Recently, UH engaged Silverlode Consulting Corp. to measure our economic impacts for calendar year According to the report, UH contributed almost $8 billion to the regional economy and more than $4 billion of labor income throughout Ohio. Year-Round Economic Impact.
Each year, Stampede Park hosts over 1, business, tourism, sporting, hospitality and community events and welcomes more than two million guests. The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy.
Google in the community. More than 53, people are employed full-time by Google throughout the U.S. We're proud to have offices and data centers in 21 states, and committed to being good neighbors in the cities we call home.