Economic Impact Studies: Practical Tips & Examples - Jen Read
1. Estimating the Benefits of Great Lakes Restoration Jennifer Read Assistant Director and Research Coordinator Lynn Vaccaro Coastal Research Specialist
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12. Summary of Specific Economic Benefits Affected Value Present Value Benefit Improved catch rates for anglers $1.1 – 5.8 billion Maintenance of sport fishery wages and profits $100 – 200 million Lower water treatment costs $50 – 125 million More swimming $2 – 3 billion More swimming and improved enjoyment $2.5 billion Improved birding $100 – 200 million Improved waterfowl hunting $7 – 100 million Benefits for basin residents $12 – 19 billion Total Quantified Specific Benefits $18 – 31 billion Aggregate Long-run Benefits $29 – 41 billion Short Term Multiplier Effects $30 – 50 billion
15. Jennifer Read [email_address] www.miseagrant.umich.edu/economy America’s North Coast: A Benefit-Cost Analysis of a Program to Protect and Restore the Great Lakes John C. Austin, Non-resident Senior Fellow, Brookings Soren Anderson, Assistant Professor, MSU Paul N. Courant, Dean of Libraries, U-M Robert E. Litan, Senior Fellow, Brookings
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Michigan Sea Grant Program Review, April 15, 2010
Short-run multiplier effects for federal spending Applies to all federal spending in region $1 of spending results in $1.5 to 2.5 of additional spending Labor intensive activities, such as sewer repair, will generate more local employment benefits. Michigan Sea Grant Program Review, April 15, 2010
Michigan Sea Grant Program Review, April 15, 2010
Restoration of coastal wetlands More Fish Avoid Expected declines due to invasive species and habitat loss. Assumptions make a big difference Time period used – benefits over 20 years? Discount used Conservative or upper estimates used for ecological and economic outcomes. Michigan Sea Grant Program Review, April 15, 2010
Michigan Sea Grant Program Review, April 15, 2010
Management strategies in GLRC were intended to reduce sedimentation by 40% Strategies include Ag, urban and stormwater BMPs, wetland and riparian restoration Michigan Sea Grant Program Review, April 15, 2010
Michigan Sea Grant Program Review, April 15, 2010
Removing and remediating contaminated sediments will reduce real and perceived health risks associated with living near an Area of Concern. Michigan Sea Grant Program Review, April 15, 2010
Long term gains = specific quantified benefits (fishing, water treatment) + unquantified benefits Short term gains = multiplier effect associated with any federal investment in the region Michigan Sea Grant Program Review, April 15, 2010