Economics for the real world

Economic Studies

EEC specializes in a wide array of economic analysis services, including market and demographic studies, economic development strategy, industry analysis and targeting, business plans, feasibility studies, site selection and location analyses, and more. We have created customized, accurate and up-to-date reports for businesses, governments, attorneys, and nonprofit organizations.

Market and Demographic Studies: A Market study is a study of a particular area for the purposes of introducing a new product or service, creating or expanding a new business, or understanding changes in existing business performance. A demographic study focuses on the demographic characteristics of the population of the area which may be relevant to the business, including population, income, age, race, and more. In addition to the demographic component, a market study can include other business-related information, such as transportation, geographic boundaries, availability of resources, levels of local government services, taxation, and any other component considered relevant to the complete analysis of the area and its impact on the proposed project.

Economic Development Strategy: An economic development plan is created by public, non-profit, or business entities to create a strategy for economic development of a particular area. Economic development is usually conducted in order to attract businesses and resulting jobs to an area with the goal of improving the standard of living of area residents. Economic development strategy requires a clear understanding of the area; a market study is a useful tool in this process, as well as an understanding of historical and future economic trends for the area. The result of an economic development planning process is a set of goals and objectives designed to stimulate economic growth in the area.

Industry Targeting Studies: Industry targeting studies are a common economic development tool for improving the effectiveness of business recruitment and growth promotion activities. An industry targeting study identifies those economic sectors that are best matched to the characteristics of a particular region and provide insight into the region's competitive advantages for these industries. Oftentimes economic development strategy focuses on “trendy” industries, those that have highest employment, wages, or growth. The problem is that these industries may be incompatible with the area’s occupational supply, availability of resources or public service structure. Understanding an industry’s compatibility with the area will facilitate the recruitment of businesses within that industry and help ensure a maximum positive impact on the area. Tools such as industry clustering, shift-share, location quotient, export enhancement and import substitution analyses can help provide a better understanding of the area’s competitive strengths and weaknesses.

Economic Impacts for EB-5: A quickly growing tool in economic development, the EB-5 program allows alien investors to receive US citizenship in return for their investment in US enterprises. In order to qualify, investors must go through a lengthy process showing, among other things, that the enterprise in which the they invest will create or support new jobs, including direct, indirect, and induced jobs (depending on the type of enterprise and development structure). EEC performs the required job estimates, as well as other economic impact estimates required by the program.

Feasibility Studies: A feasibility study helps answer the question of whether the project is feasible, that is will the project, as currently planned, meet its revenue goals. A feasibility study includes multiple components, including a market feasibility component, which reviews the project location for population and demographic characteristics to determine that an adequate customer base exists. An economic feasibility component takes market information and determines whether the customer base will produce the type of revenue required to justify the type, size, and product offering of the project. Based on this information, a financial feasibility component is added to determine whether the proposed project will generate the profit required by the developer and suggest pricing, size and other alternatives for profit maximization.

Site Selection and Location Studies: Site selection is one of the most important decisions for a new or expanding business. Incorporating market and feasibility studies and GIS mapping techniques, a site selection analysis can help compare desired attributes of multiple locations or determine the best location within a given area.

Why EEC

We have conducted feasibility and market studies, particularly in the area of gaming, in 20 states and five foreign countries. We have worked with governments, attorneys, business owners, regulatory agencies, and non-profit organizations, so we are cognizant and appreciative of the different goals and objectives of each client. We work closely with clients to ensure our studies are relevant and useful in meeting the needs of each client.