Q: What is an economic impact assessment, and what does it do?
A: An economic impact assessment is an economic impact analysis that shows how your project, event, or organisation affects jobs, gross value added, and local spending. At Aegean Consultants, we use our AI tool REIA, an AI tool for economic impact assessment, to turn your project details into a structured economic impact study that decision makers can understand and test.
Q: How do I conduct an economic impact assessment for my project in the UK?
A: The simplest way to carry out an economic impact assessment UK is to use REIA, Aegean’s AI tool for economic impact assessment. REIA guides you through the key inputs, applies consistent assumptions, and produces an economic impact analysis that you can use for planning, funding bids, or business case development.
Q: What data or information do I need for an economic impact assessment?
A: You usually need information on project spend, timescales, location, jobs, visitors, or users, plus any assumptions you already use. REIA, developed by Aegean Consultants, prompts you for this step by step, then uses it to generate a tailored economic impact assessment for funding bids, planning, or an economic impact assessment for business case work.
Q: What is the difference between an economic impact assessment, an economic impact study, and a socio economic impact assessment?
A: An economic impact assessment or economic impact study focuses on how your activity supports jobs, output, and local spending, while a cost benefit analysis looks more broadly at all costs and benefits, and an economic contribution study often describes the ongoing footprint of an organisation. REIA is designed by Aegean Consultants to produce economic impact assessments and socio economic impact assessment (socio-economic impact assessment) style outputs where distributional and place based effects matter.
Q: When should I commission an economic impact assessment, and who can carry it out?
A: You should consider an assessment when you are preparing a major investment, an economic impact assessment for funding bids, an economic impact assessment for business case development, or when you need to evidence your value to partners or stakeholders. Aegean Consultants provides REIA so you can generate your own economic impact assessment quickly, with our team available to review and refine the results where needed.
Q: Do I need an economic impact assessment for a planning application?
A: You are not usually required to have an economic impact assessment for a planning application, but it will almost always help, whether your scheme is small, medium, or large. Using REIA from Aegean Consultants lets you add a clear economic impact assessment planning application report that shows jobs, spending, and local benefits in a way that strengthens your case with planning officers, councillors, and stakeholders.