Case Study: Measuring Economic ImpactHelping to validate investment in a state recreational asset.
A New York government organization faced public scrutiny about whether the cost of revitalization would bring increased tourism in its communities. The organization needed support to show the economic value of a historic landmark to the state.
Level 7 Market Research partners used multiple sources including primary research and secondary data analysis to complete the economic impact study. Data was gathered from those who inquired about or visited the area as well as owners of local businesses in or near it. The research team also sought out various secondary sources to further support the findings.
Since many state organizations have minimal budgets for research, the search for current secondary data was very challenging. However several sources were identified that could provide more accurate measures for comparison and aid in substantiating a projection of revenue.
Another analysis of the direct and secondary effects of revenue validated that the results were within a reasonable margin.
Level 7 partners presented an updated statement that the New York government felt confident they could share with the state and local townships. The government agency was able to validate the revenue generated by historic landmark as well as generate excitement about the future growth potential of nearby communities.