Chamber Adds Economic Impact Analysis Service

YOUNGSTOWN, Ohio — The Youngstown/Warren Regional Chamber has added economic impact analyses to its portfolio of services for businesses, local governments and other organizations throughout the Mahoning Valley. 

An economic impact analysis examines the effect of an event on the economy in a specified area – usually an expansion or addition – and typically measures changes in business revenue and profits, personal wages and number of jobs. The analysis can also evaluate the outcome from community events or municipal taxing.

The chamber’s team will present an analysis for each expansion and attraction project they manage on an annual basis, as well as provide this service to organizations, private companies and local governments that are in need of such an analysis as they consider investments individually. 

“Performing an economic impact analysis for each one of the chamber’s economic development projects will be instrumental in presenting their value to the communities that are impacted by the direct investment or spin-off growth,” said Shea MacMillan, manager of business development at the Regional Chamber.

The service is supported by the Regional Chamber Foundation and MS Consultants Inc. of Youngstown.  

“Our two organizations are coming together so that the Mahoning Valley’s economic development professionals have the tools needed to grow the region’s economy,” said Guy Coviello, the foundation’s president.

“Providing resources to help the Youngstown-Warren region grow is important for our company, whose roots are firmly planted here,” added Jeanne Mosure, MS vice president. 

For more information about the economic impact analysis service, contact MacMillan at 330 744 2131, ext. 1101, or via email at [email protected]. 

Copyright 2024 The Business Journal, Youngstown, Ohio.