# Regional Economic Impact Analysis

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1 Section III: Applying Knowledge Regional Economic Impact Analysis Summary In this activity, teachers present a lecture related to assessing regional economic impacts and students use this knowledge to calculate the impacts of a wood to energy facility on a hypothetical regional economy. Procuring resources locally can send ripples of economic activity throughout a region. Background An economic impact analysis assesses the effect of a new activity, industry, or event on a regional economy. Any activity that generates payments and buys products has an effect on other parts of the local economy. Economic impact analysis measures these effects. For example, any utility that provides energy will have a regional economic impact because it hires workers, buys resources, and sells energy. A comparison between a fossil fuel utility and a woody biomass utility, however, produces a significantly different impact on the regional economy. Consider a biomass facility where urban waste wood and logging residue are converted to electricity. If this is a new facility, there are two major types of costs: capital expenses for building the facility and annual operating expenses for its use and maintenance. This facility can have a positive impact on the local economy through job creation and the facility will purchase supplies from local businesses and pay local government taxes, thus increasing money flow in the local economy. Any payment made by the facility turns into income for another person or entity. This economic impact is like the waves that spread in all directions after throwing a stone in a lake. The structure of a local economy with a woody biomass energy industry activity 15 n Subjects Social Studies (Economics) n Key Questions 1. How can a wood to energy facility impact a regional economy? 2. What is economic inputoutput analysis? n Objectives By the end of the activity, students will be able to do the following: 1. Explain the concept of an economic input-output analysis. 2. Describe how a regional economy is impacted by a wood to energy facility (SS.912.E.2.11; SS.912.E.2.12). n Materials Copies of Student Worksheets 1 and 2, Data Table, and Student Table (one copy of each per student) Regional Economic Impact Analysis Presentation (provided) Calculators n Time Estimate 2 hours Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis 157

2 IMPORTANT TERMS Input is the value of resources or goods and services used in a given period. Output is the value of production for a given time period. Employment is the number of jobs for each industry. Value added consists of employee compensation, proprietor income, other property income, and indirect business taxes. Forest Management & Timber Production Labor & Wages Taxes Construction, Infrastructure Logging & Transportation Electric Utilities & Other Wood Users WOOD ENERGY INDUSTRY Local Purchased Consumption Inputs Exports Rest of United States & World Economy Imports \$ \$ \$ \$ Local Govt. Goods and Services Employee Households Consumer Spending Distribution Local Economy Supplier Monetary Flows Figure 1. Structure and economic impacts of a wood to energy industry in a local economy. and the links to economic impacts are illustrated in Figure 1. Businesses in the energy sector, including timber growers, loggers, haulers, and electric power producers, sell their products or services to intermediate and final consumers through wholesale and retail distributors. Firms that purchase goods or services from local suppliers generate economic activity by re-circulating money in the local economy. The payments for wood fuel increase the earnings for forest workers, which increase the amount of money those workers can spend on food, clothing, housing, and transportation. That additional amount of money could enable a grocery to expand their selection of organic produce or gourmet cheese and hire another cashier, for example. In addition, businesses and households pay taxes to the local government, which in turn spend the money for the community good. This is the nature of regional economic impacts. Input-Output Analysis Economic impact analysis is typically done using an analytical procedure known as input-output (I-O) analysis. I-O analysis quantifies the relationships and interactions between industry sectors, households, and governments within a local economy. I-O analysis is conducted with I-O models, constructed from a transactions table that reflects the value of goods and services exchanged between all sectors of the economy in a one-year base period. A simple example of a transactions table for a local economy is shown in Table Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis

7 Regional Economic Impact Analysis Student Worksheet 1 STUDENT NAME date period As you follow along with the presentation and lecture, answer the questions on this worksheet. 1. How is a local economy structured? 2. What are the measures of economic activity? 3. Explain value added. 4. What does an input-output model convey? 5. What are multipliers? 6. What is the difference between direct, indirect, and induced effects? 7. What does IMPLAN help people do? Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis 163

8 Regional Economic Impact Analysis STUDENT Student Worksheet 2 (1 of 2) NAME date period Let s practice estimating the economic impact of a 20 megawatt (MW) wood-fueled facility on a local economy. To do this, you will use the multiplier figures found in the Data Table and follow the instructions below. Record your calculations in the Student Table and then answer the Summary Questions. Instructions 1. First, review both the Data Table and the Student Table to become familiar with the multiplier types, economic sectors, expense items, and costs. a. Notice that the Data Table includes figures for three types of multipliers (output, employment, and value added) and that each multiplier contains figures for three different effects on the local economy (direct, indirect, and induced). Also note that each economic sector contains different multipliers. These multipliers were generated using the IMPLAN program. b. Review Columns A through C in the Student Table. In Column A contains 13 expense items that are typical of a wood to energy facility. Column B shows the cost of each item, and Column C organizes these items by economic sector. These sectors all have an impact on the local economy. 2. Next, add the direct effect, indirect effect, and induced effect to determine the total effect for each multiplier type. Make sure to use the multipliers for the appropriate economic sector. a. To determine the total output multiplier effect for each expense item, sum together the direct, indirect, and induced effects found in the Output Multipliers section of the Data Table. Record these figures in Column D of the Student Table. b. To determine the total employment multiplier effect for each expense item, sum together the direct, indirect, and induced effects found in the Employment Multipliers section of the Data Table. Record these figures in Column F of the Student Table. c. To determine the total value added multiplier effect for each expense item, sum together the direct, indirect, and induced effects found in the Value Added Multipliers section of the Data Table. Record these figures in Column H of the Student Table. 3. Now, using typical expenses for a wood-fueled facility and the total multiplier effect, calculate the impacts that could result from a 20 MW wood-fueled facility (in dollars and number of jobs). a. Multiply the Total Output Multiplier (Column D) by the Expense (Column B), for each expense item. Write these figures in Column E of the Student Table. b. Multiply the Total Employment Multiplier (Column F) by the Expense (Column B), for each expense item. Because jobs are per million dollars of expenditure, divide by one million. Record these figures in Column G of the Student Table. c. Multiply the Total Value Added Multiplier (Column H) by the Expense (Column B), for each expense item. Write these figures in Column I of the Student Table. 4. Finally, sum the Output Impact, Employment Impact, and Value Added Impact, for all expense items to get a total economic impact. Record the totals and answer the questions below. 164 Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis

9 Regional Economic Impact Analysis Student Worksheet 2 (2 of 2) STUDENT Summary Questions 1 How many new jobs would be created by operating this facility? 2 What is the total value added impact of operating this facility for one year? What are some examples of value added impacts? 3 What is the total output impact of operating this facility? 4 What are the output, employment, and value added impacts of wood fuel supply operations? Hint: These are the impacts generated when the facility buys wood fuel from the logging sector. Output: Employment: Value added: 5 If you were going to propose that this facility be built in your community, how would you describe the benefits to the local economy? 6 The purchase of electricity, the manager s salary, and office expenses are each expected to cost the facility \$100,000 per year. Does each item create the same economic impact in the region? Why? 7 What would be different in your analysis if the power plant burned coal instead of wood? Assume this county does not produce coal. Which would have a greater regional economic impact and why: a power plant burning local woody biomass resources or a power plant burning coal? Explain your answer. Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis 165

10 STUDENT Regional Economic Impact Analysis Student Table n Operating expenditures and impact estimation for a 20 megawatt wood power facility A B C D E F G H I Expense Items Expense (\$) Economic Sector Total Output Multiplier Output Impact (\$) Total Employment Multiplier Total Employment Impact (# jobs) Total Value Added Multiplier Total Value Added Impact (\$) Wood Fuel Costs 6,400,000 Logging Utility Line Interconnection 50,000 Power Generation & Supply Maintenance of Power Plant 1,000,000 Power Generation & Supply Purchased Electricity 100,000 Power Generation and Supply Insurance 10,000 Insurance Agencies, Brokerages, and Related Mobile Equipment Lease 25,000 Machinery and Equipment Rental and Leasing Mobile Equipment, Supplies 15,000 Machinery and Equipment Rental and Leasing Environmental Consulting Costs 50,000 Environmental and Other Consulting Services Manager's Salary 100,000 Management of Companies and Enterprises Office Expenses 100,000 Office Administrative Services Ash Disposal 50,000 Waste Management and Remediation Services Property Tax 200,000 State and Local Government Taxes Employee Salaries and Benefits 1,650,000 Household Wage Earner Salary 166 Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis

11 Regional Economic Impact Analysis Data Table STUDENT n Economic Sectors and Multipliers Economic Sector Output Multipliers Employment Multipliers (jobs/million dollars output) Value Added Multipliers Direct Indirect Induced Direct Indirect Induced Direct Indirect Induced Logging Power Generation and Supply Insurance Agencies, Brokerages, and Related Machinery and Equipment Rental and Leasing Environmental and Other Consulting Services Management of Companies and Enterprises Office Administrative Services Waste Management and Remediation Services State and Local Government Taxes Household Wage Earner Salary Should We Use Wood for Energy? Section III Activity 15: Regional Economic Impact Analysis 167

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