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Constructing a Retail Store

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Hello, It has been a couple years since I have used IMPLAN, and I am a little unsure of what to do. I am trying to measure the total economic impact of constructing a retail structure. The following are the inputs I have so far: Total construction investment to date is $3.4 million 40,000 Square Feet 275 Construction Workers Expected to have 50 employees I know how to use and navigate my way through IMPLAN. I just need some some helping understanding what exactly I need to include in the activities to measure the impacts. I am a mathematician, not an economist. The following are my main questions. Please let me know if I am missing anything or doing anything incorrectly. For construction impacts, I have selected and industry change activity type with the event (34) construction of a new non-residential commercial and healthcare structure. Is that correct or is (36) construction of other new non-residential structure more aligned with constructing a retail building? (Industry Sales change $3.4 million) The construction work is expected to exceed 2 years, and thus the construction jobs are considered permanent. How do I measure this impact? Labor Income Change or Household Income Change? I am determining the labor income value from State Employment Security Department data and using average annual wages for the appropriate construction industry. Is this recommended? I am stuck trying to determine how to measure the economic impact of the retail store during operation. They are expecting to hire 50 employees. To measure these impacts, would my two inputs be: Industry Change - appropriate industry/niacs codes for the specific retail store - using production and sales data/square foot? Can you recommend where to find production/sales data broken down by industry sector? Labor Income Change - labor income value will be determined from State Employment Security Department data and using average annual wages? Please let me know if I am approaching this correctly, making any mistakes, or am missing something altogether. Also, feel free to call me anytime (206-595-6466). I can explain my questions in further detail if needed. Your help is greatly appreciated. Thank you, Tymon
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    IMPLAN Support
    Hi Tymon, You made the correct call with sector 34 ([url=https://implan.com/index.php?view=download&alias=115-construction-codes-for-440-sectors&category_slug=2007-to-current-implan-supplemental-files&option=com_docman&Itemid=1480]see this spreadsheet[/url]) The impact of the labor (and the spending of their wages) is included in the induced effects of your Industry Change Activity - no need to run an additional LI Change or anything else. You can edit your Event after putting in the $3.4M to also specify your known Employment figure. Even though the construction will last multiple years, it is not exactly 'permanent' employment and should still be reported separately from any operation impacts. The 50 retail employees can be used to run a second Industry Change Activity for the appropriate retail sector. The only input you need is the 50 jobs - put it into the Employment field, zero out Proprietor Income, and IMPLAN will fill in the rest! Those job impacts can be considered permanent. Again, no need for a separate Labor Income Change here or anything else.
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