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Assessment
Return to Community Economic Development at the Oklahoma Cooperative Extension Service
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Petroleum How will a new employer affect your community? The impact study measures the change which will occur in the economy if there is a change in the economic base, such as a new plant locating in that community. The impact study includes a socio-economic profile of the city and county under investigation. Data presented in this profile include:
Measuring the Impact. Utilizing IMPLAN software, multipliers are generated for employment, income, and retail sales. For instance if a new manufacturing plant is expected to locate in a county and employ 250 local residents and IMPLAN generates a multiplier of 1.42, the conclusion is that the plant will actually produce 355 (250 times 1.42) new jobs in the area--250 at the plant itself plus 105 others. The 105 new jobs could be at restaurants that need more wait staff, at grocery stores that need more checkers, by contractors that need more construction workers, etc.The impact study addresses the economic impacts of the proposed development. No recommendations are made in the report. Desirability of the project is left to the discretion of the local economic leaders and the community. Interested in learning the impact of a change in your community's economic base? Contact your county Extension agent or:
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Keeping Local Dollars at Home. Many communities are concerned about the impact that the loss of retail dollars has on the local economy and are promoting "shop at home" campaigns designed to keep local retail dollars in the community. It is not possible to stop all out-of-town shopping by residents, but opportunities for improvement may exist. A retail trade analysis can identify trends in a community's retail market and may indicate areas of concern that might be the focus of strategies implemented by local economic development officials. |
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City Sales Tax Collections as a Measure of Retail Activity. Components of a Retail Sales Analysis include historical taxable or retail sales for a city or town. This information is provided by the Oklahoma Tax Commission, which reports annual city sales tax collections for all incorporated cities and towns in Oklahoma.
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Measuring Market Capture. Trade area capture analysis is used to estimate the number of shoppers who purchase items in a particular economy. This is done by comparing actual reported retail sales for an economy to the expected retail sales for the economy. Expected retail sales are estimated by looking at state spending averages. |
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Trade area capture figures are used to calculate pull factors for a city or town. The pull factor is an estimate of how many people are shopping in a local economy compared to the population of the community. For example, a city with a retail pull factor of 1.0 is exactly capturing the retail expenditures of its residents, but is not attracting any other shoppers to the area. A city with a pull factor that is greater than 1.0 is attracting its own population plus other shoppers. A city with a pull factor that is less than 1.0 is experiencing a sales leakage. Local residents are leaving the city to shop for retail items. |
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Gap Analysis. A relatively new addition has been made to the retail trend analysis recently. Gap analysis is pull factor analysis broken down by SIC code for the retail sector. Several cities and towns that have access to the resources of Oklahoma Main Street have been asking the OCES to perform gap analysis, as recommended by Main Street.Interested in learning about gaps in your community's retail market? Contact your county Extension agent or:
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The economic base study provides detailed background data about the resources in a particular area. Specifically, the report is designed to provide general socio-economic data, summarize the importance of agriculture, and provide an overview of tax collections. The ORIGINS online database is used in this effort. Specific data that are included in this comprehensive report include: Demographic Data Economic Data Agriculture Tax Data Interested in learning about the economic base in your community? Contact your local Extension agent or:
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Ardmore, OK Primary Data is Important . Various types of secondary data may be used to describe a community. Demographic and economic profiles of a city or county are available through Census reports. The Oklahoma Tax Commission collects information regarding retail sales tax collections, and the Oklahoma Employment Security Commission maintains data concerning wages and salaries of Oklahoma workers. Another technique for describing a local economy is to gather primary information from the consumers in the local market.Consumer opinion surveys , as well as focus group sessions, are often conducted for this purpose. Consumer surveys, for example, ask local residents where they currently shop for various items, what kinds of items they would like to see offered for sale in town, how they rate various characteristics of the downtown area, etc. For instance, one economic development committee learned that most residents already purchased their prescription drugs locally, but drove to a nearby city to buy almost all of their groceries. The committee also learned that a large proportion of residents read the local newspaper, but listened to 20 different radio stations. The committee concluded that local retailers should probably purchase advertising in the town's newspaper but should avoid radio advertisements.Focus group sessions are another way to learn the opinions of local consumers. Typically, community leaders will indicate four or five different groups who should be interviewed. For instance, one city asked specifically that high school students, elderly citizens, downtown business owners, and typical consumers be interviewed. Each group came together for an hour or so to discuss their opinions on various topics. One thing the city leaders learned was that the young people were determined to do a lot of shopping in Tulsa. The city itself was only a few miles from Tulsa--a strong lure for the teen-agers. Older citizens, on the other hand, indicated a much greater willingness to shop locally if certain problems, such as poor parking, could be successfully addressed.The Rural Development team is available to assist your local economic development group as you conduct a consumer survey or focus group session. A community development specialist will help your local group design a survey instrument that meets your particular needs. Generally, the local group is expected to conduct and to collect the survey. This can be done through mass mailings, street-corner interviews, etc. One city mailed a consumer opinion survey form out in a monthly electric bill. Over 1600 citizens responded. Once the completed surveys have been collected, the Rural Development team will compile the information and produce a written document. The team will also be available to present the findings of the survey to any interested community groups. Focus group sessions may also be conducted in conjunction with a consumer survey.The fee for this particular service varies based on the time requirements placed on the rural development economists and their support personnel. Interested in conducting a consumer survey in your community? Contact:
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Retail Sales Analysis
Ardmore,
OK
Population
Estimates
Main
Street