Unlocking the Power of Economic Impact Analysis at Karp Strategies

What we do

At Karp Strategies, we understand that economic development is about people, communities, and creating sustainable growth. Our clients come to us with questions such as: What is the contribution of a certain business or an industry to a region’s economy? What are the characteristics of the jobs created or supported in different sectors as a result of an investment or a policy change? What are the potential supply chain and value chain dynamics of a certain facility? How does an increase in resident population or workforce size impact household spending in a region? These are complex challenges that require a nuanced understanding of the local economy and a clear-eyed view of the trade-offs and risks involved.

That's where our Economic Impact Assessment services come in. Using input-output modeling (I-O) tools like IMPLAN, Lightcast, RIMS II, and JEDI, we help our clients map out the ripple effects of their investments and initiatives across sectors, industries, and communities. Our goal is not just to measure the economic impacts but to help our clients design strategies that align with their values and priorities. We choose the most appropriate tool, or combination of tools, for our client’s needs based on their industry and reporting requirements. Then, work closely with them to evaluate the potential benefits and costs of different projects or initiatives, estimate their return on investment, and identify potential risks and trade-offs.

We also know that hard data only takes you so far—our assessments always include thorough quantitative and qualitative methodologies. For example, we might use IMPLAN to execute our quantitative analysis, while our qualitative study relies on a review of stakeholder interviews and other forms of desktop research. In alignment with our core tenets as a firm, we examine every project from a holistic perspective incorporating data, people, and places. Our rigorous and transparent analysis enables our clients to engage with stakeholders and partners, communicate their value proposition, and ultimately, build a strong case for their economic development strategies.

But we don't stop there. Our approach to economic impact assessment is grounded in our commitment to grassroots economic empowerment. We believe that data and analysis are only valuable if they can be translated into meaningful action—and that communities should be central to and involved in that action. That's why we work with our clients to identify ways to involve stakeholders in the decision-making process and to ensure that the benefits of economic growth are shared widely and equitably. Our economic impact assessments are an essential component of building broader community, economic, and workforce strategy and planning that help our clients build more resilient, sustainable, and inclusive economies.

Economic Impact Assessments in Action:

Below are some examples of the economic impact assessments we’ve conducted for clients ranging from private-sector developers specializing in large-scale mixed-use projects to offshore wind developers and manufacturers seeking to embed a new industry into an existing ecosystem. Karp Strategies’ analyses inform our clients’ strategic decision-making processes—grounded in data and informed by conversations with those most affected by the project at hand.

Tackling the economic impacts of various developments: affordable and market-rate housing, commercial retail space, and/or outdoor public amenities. Developers in New York City engage Karp Strategies to execute economic impact assessments to estimate the direct, indirect, and induced impacts a new development will have on jobs, labor income, and tax revenues during the construction process, as well as the project’s longer-term operations phase. This has allowed them to quantify and communicate the positive economic effects of their developments to decision-makers, internal stakeholders, and the broader community. By presenting a comprehensive analysis of the potential benefits and costs of a project, Karp Strategies helps developers build a strong case for their investments and address concerns from community members and elected officials.

Leveraging workforce and fiscal impact analyses to understand New York City life science hiring trends and industry gaps. Karp Strategies was hired to conduct an analysis of the life science sector in New York City and recommend ways to optimize workforce development and community investment. Through a series of mixed methods analysis that included economic and fiscal impacts assessment, expert interviews, and desktop research, we quantified the contributions of the life science industry to New York City’s economy and mapped the key characteristics of the current life science workforce. Karp Strategies then compiled a comprehensive key findings and recommendations report that identified potential opportunities for advancing equitable access to future life science jobs and strategies for filling existing industry gaps through future investments. Click here to learn more about this project.

Planning for the growth of offshore wind—a nascent industry. Karp Strategies is dedicated to the development of the clean energy industry as a key means to create thriving economies and a sustainable future. That involves helping developers and original equipment manufacturers (OEMs) craft informed and impactful workforce development and supply chain strategies. As part of several teams vying for NYSERDA’s third solicitation, Karp Strategies developed projections for the economic and workforce development impacts of the proposed projects—including estimates for the number of projected jobs, Minority- and/or Women-owned businesses who may participate, and jobs accessible to those residing in designated disadvantaged communities. Our quantitative assessments, coupled with our additional economic and stakeholder research and strategy, directly informed our clients’ New York Jobs and Workforce Plans and OEMs’ Supply Chain Investment Plan(s).

Karp Strategies approaches each unique context to deliver content expertise, produce a strong and focused product, and employ stellar project management throughout our work to unlock the full power of economic impact assessments. If your investment, project, or advocacy requires a formalized analysis of overall economic impact, please do reach out to us at info@karpstrategies.com and tell us more.