Governments and industry are investing heavily in building more sustainable economies through resilient business and community planning. But how effective are these efforts?
With various government ministries, departments, and agencies tackling different challenges with limited budgets and often competing priorities, understanding the impacts of the different policies, projects, and initiatives and there ability to move the dial on sustainable economic development is critical. In addition, understanding workforce dynamics and the availability of skilled workers in a given region is also essential for future planning purposes.
Quantifying the available resources and opportunities available in a jurisdiction can help senior policy makers understand the size and scope of the economic potential within a particular jurisdiction. GLOBE Advisors has extensive experience undertaking economic impact assessments for a variety of clients.
BENEFITS OF AN ECONOMIC IMPACT ASSESSMENT
- Understand the effectiveness of various government programs, policies, and initiatives and how they are impacting the economic development within a jurisdiction.
- Understand how local and regional markets can increase their market connectivity, as well as where program changes can increase their effectiveness and impact on simulating long-term economic growth.
- Understand the skills and talent that are currently available in the market and the necessary planning requirements essential for innovation and long-term economic growth within a jurisdiction.
HOW GLOBE ADVISORS CAN HELP
- Develop inventories of the various policies, programs, and initiatives that are contributing to sustainable economic development within a jurisdiction.
- Conduct cost-benefit analyses to better understand the overall impacts of various policies, programs, and initiatives and forecast the longer-term economic and labour force impacts of these activities.
- Conduct socio-economic studies and prepare medium to long-term forecasts for emerging and promising industry sectors within the economy.
- Develop comprehensive analyses on the current and future workforce demand and the needs of industry within a jurisdiction in order to identify strategies for skills training, talent retention, and workforce attraction.
PROJECT SUCCESS STORY
GLOBE Advisors was commissioned by the Pacific Coast Collaborative (PCC), a formal working group that includes the governments from the province of British Columbia and the states of Alaska, California, Oregon, and Washington to conduct a comprehensive study on the clean economy opportunities found throughout their West coast region.
The five-month study found that the clean economy throughout this West coast region of North America was responsible for a GDP contribution of US $47 billion and an estimated 508,400 full time equivalent (FTE) jobs in 2010. In addition, the analysis by GLOBE found that between 2010 and 2020, the transition toward a cleaner economy in this region could generate up to an additional 1.03 million net new jobs, a GDP contribution of up to US $143 billion, and increased investments of between US $147-$192 billion.
Based on this research and GLOBE’s West Coast Clean Economy Report, GLOBE worked with the various PCC partners to help develop a 2012 West Coast Action Plan on Jobs that focused on leveraging energy efficiency improvements, clean transportation, and addressing climate change risks throughout the region.