Laserfiche WebLink
Economic Impacts Brief: The Economic Development Return on Public Investment in Indian River County <br />...................................................................................................................................................................................................................................... <br />Table 4 below summarizes the recurring Value -Added impacts of these incentives on each <br />economic sector. The greatest increases in Value Added arise in the Manufacturing, <br />Government & Other and Knowledge -Based Services sectors where all three add up <br />to 89 percent of the Value Added created. <br />Table 4. GDP (Value -Added) Impacts on Indian River County Generated by <br />Public Incentives (2007 - Present) I <br />i <br />Manufacturing <br />$35,004 i 44%� <br />_ <br />Government & Other <br />$18,054 23% <br />Knowledge -Based Services' <br />$17,497 22% <br />Wholesale Trade & Transportation Services <br />$5,661 i 7% j <br />Retail Trade <br />$1,783 I 2% <br />_1 <br />Visitor Industry <br />$-902 Ij—_ 1% <br />-- —_-- - _-----_------ _-- <br />_ _ _1 <br />OtherIndustries <br />$324 1,<1% � <br />` +.• _.�`. ; : v _ . $tdy �'� �"�.`:i`_i f'l0 l.r. ?. `. ;''i ,a;r <br />"'+ • � f.. �=- ¢� -y 't,, rr <br />�..,i <br />.Z •. �- ,. rc.. ' 2" / j. <br />�_ <br />.,fir. <br />'�`.--;. <br />pry,• - <br />� ,� � <br />Note: Total may not equal the sum of all due to rounding. <br />Source: The Washington Economics Group, Inc. (WEG)_T __ _. <br />A final and comprehensive measure of total economic impact, generated by the <br />companies awarded incentives in IRC is Gross Economic Output, representing the sum of <br />gross revenues (receipts) of private firms plus the value of government services (valued <br />at cost). The total economic impact of targeted firms' current operations in Indian <br />River County is estimated at $198 million annually. Of this total, $158 million is <br />generated by direct activities, while an additional $41 million is generated by indirect and <br />induced activities. (See Table 1, page 6.) <br />As presented in the previous analysis of economic impacts, the greatest increases in total <br />economic impact (Gross Economic Output) arise in the Manufacturing and Knowledge - <br />Based Services sectors of IRC, where 82 percent of the recurring economic output is <br />created as shown in Table 5 on the following page. In essence, the incentives are resulting <br />in generating jobs, Household Income for residents and taxpayers and overall impacts in <br />the higher wage industries targeted by the County. <br />'Major industries under this category are: Education, Information, Finance and Insurance, Real Estate, Professional, <br />Administrative Services and Arts, Entertainment & Recreation. <br />................................................................................................................................................................................................................................... <br />The Washington Economics Group, Inc. (WEG) Page 18 <br />`7, /x•10 <br />