Services: Benchmark Assessments: Sector Specific Economic Senario™

In addition to serving as an economic modeling tool for an entire regional economy, Economic Scenario™ can be applied to a specific industry sector. Remote economic regions often are driven by a single industry sector whose total impact on the regional economy is not well understood. This is especially true for social service sectors such as healthcare, government services, arts and culture, non-profits, education, or energy and telecommunication utilities.

On a number of occasions, ViTAL Economy (VE) has been asked to use our Economic Scenario™ to determine a single sector’s direct and indirect impact on an economic region. When used this way, the tool has educated policy leaders about the measurable impact of that sector on the regional economy and significantly altered their decisions.

For example, a Healthcare Economic Scenario benchmarks the service capacity of the healthcare sector and forecasts the impact of a specific healthcare project, such as a rural clinic, long-term care facility or acute care center, on the regional economy. It also can base all job classifications, specific wage levels and multipliers on local economic values rather than values associated with nearby Metropolitan Statistical Areas (MSAs).

Contact us to discuss how Economic Scenario™ might be a useful tool for your economic region.

Benchmark Assessment Services

 

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