Economic benefits studies (also known as economic and fiscal impact analyses) are analyses that can better inform policymakers’ decisions about potential legislation or help procurement officers determine awardees for potential contracts. In the former case, it is about framing the argument—whether the proposed legislation will add jobs or subtract jobs in the economy. In addition, and of concern to legislators, what will be the fiscal return on this legislation? Likewise, when the State is awarding a contract, it considers the economics benefits generated by that contract and now requires that offerors supply that information in response to requests for proposals (RFP).
RESI recently completed an economic benefits study of Maryland’s natural gas infrastructure.
Many bills submitted for consideration by the Maryland State Legislature require an economic benefits analysis. While the Department of Legislative Services (DLS) often performs an economic benefits analysis on behalf of the State or sponsoring legislator, many state agencies, advocacy groups, and others have turned to Towson University’s Regional Economic Studies Institute (RESI) to help them craft such an analysis. RESI uses IMPLAN and REMI PI+, the same models that DLS uses, so results are comparable. RESI also frequently testifies in support of its findings.
Since 1997, RESI has engaged in well over 300 of these types of analyses, and subjects range from very small events to large-scale infrastructure investments. Examples of RESI’s past work include analyses of the economic benefits of various types of projects—from the Baltimore Running Festival to the expansion of Maryland’s natural gas infrastructure.
In 2013, RESI completed an economic benefits study of the Baltimore Running Festival.
Since 2005, RESI has undertaken around 50 economic benefits analyses in support of proposal and bid submissions not only for Maryland-based RFPs but also for RFPs across 19 other states. Using IMPLAN, the industry-standard modeling tool, ensures that the results are consistent. Moreover, IMPLAN’s data requirements are minimal, and analyses can be completed in a relatively short period. During our years conducting these types of analyses, RESI has never missed an RFP deadline. Moreover, our economic benefits analyses have been identified as a deciding factor in close decisions.
Let RESI Help You Quantify the Economic Benefits of Your Vision
So, if you are scratching your head when you reach the economic benefits section of an RFP, or you need some solid analytical support for your policy or program, please contact us. We would be more than happy to help you quantify the economic benefits of your vision.
