Lab

UF/IFAS Economic Impact Analysis Program

About the lab

The UF/IFAS Economic Impact Analysis Program has provided expertise in the areas of regional economic modeling, economic impact analysis, and economic contribution studies to clientele for 25+ years. Our team conducts regional economic analyses for funded research projects, industry organizations, and government agencies, analyzing a wide range of activities and industries. The program also conducts sponsored research projects involving detailed analyses of particular industries, regions, or situations.

Our mission is to serve as a trusted and respected source for economic modeling and analyses for our clientele through applying academically rigorous methodologies in our work and to effectively communicate results in a manner that is accessible to a wide variety of audiences.

Featured projects (1)

Project
Our objective is to comprehensively quantify and qualify the short- and long-term socioeconomic impacts of the 2017-2019 Karenia brevis event in Florida and to develop a transferable framework to inform national-scale efforts to quantify the socioeconomic impacts and measure community resiliency to HABs. To accomplish this objective, we will: • Quantify the total economic value of the measurable socio-economic impacts resulting from the 2017-19 Florida Red Tide event • Qualitatively assess the socio-economic impacts that are not readily measurable or quantifiable • A transferable framework in the form of practice guides for decision makers and practitioners to inform national-scale efforts focused on quantifying socioeconomic impacts and performing impact assessments for HABs as well as communication and outreach products These efforts and outcomes will inform ongoing discussions related to mitigation and prevention of harmful algal blooms and their associated impacts amongst academics, federal, state, and local policymakers, industry stakeholders, recreational users, and the general public.

Featured research (15)

Increasing demand for ecological restoration in the in the pursuit of long-term persistence of resource benefits has resulted in the development of a “restoration economy” in the United States, which has provided opportunity for business growth associated with ecological sustainability. Nearly all the restoration monitoring and evaluation efforts focus on the ecological outcomes of restoration, while the social and economic outcomes have received far less attention. One type of economic outcome that is often overlooked includes short-term economic impacts, which measure the market activity associated with the implementation of an ecological restoration project. This paper will provide an overview of how input–output analysis can be used as a method to quantify the economic impacts of ecological restoration projects. Using the Lone Cabbage Reef restoration project in Florida as a case study and IMPLAN© regional economic modeling software, we found that the implementation phase of the project supported 44 full-time and part-time jobs earning $1.01 million in labor income and generated $5.08 million in total industry output, including $3.02 million in total value added within the regional economy. These findings support the notion that short-term economic impacts are an important component when evaluating ecological restoration projects and can provide stakeholders with immediate and tangible, albeit short-term results. This article is protected by copyright. All rights reserved.
Production processes depend on fragmented and interdependent value chains; nowadays, a single product often includes components produced in dozens of countries. Many public health measures being implemented to prevent the spread of COVID-19 have dampened economic activity of ‘non-essential’ sectors. The decreased production affects other industries and countries that supply parts, machinery, and services via global value chains. Using the World Input-Output Database, we show how a hypothetical decline in the worldwide consumption of a set of non-essential sectors affects the global distribution of GDP and employment. While richer countries consume relatively more non-essential goods and services, we find, by considering the interdependencies among developed and developing economies, that low-income countries are likely to suffer steeper declines in their GDP and employment. Specifically, for each 1% decline in the demand for non-essential products, the GINI index across nations is expected to rise by 0.3%. That is, global inequality is likely to rise, contradicting some earlier findings. Finally, we show that economies with less-diverse sets of industries are more vulnerable to such global shocks. This study highlights the role of value chains in analyzing the spatial spread of the impacts and their contribution to amplifying world imbalances.
Public health measures enacted to mitigate the spread of COVID‐19 have dampened economic activity by shuttering businesses that provide “nonessential” goods and services. Not surprisingly, these actions directly impacted demand for nonessential goods and services but the full impact of this shock on the broader economy will depend on the nature and strength of value chains. In a world where production chains are increasingly fragmented, a shock in one industry (or a group of industries) in one country will affect other domestic industries as well as international trade, leading to impacts on production in other countries. We employ the World Input‐Output Database to depict the interdependencies among both industries and countries, which provides a full representation of global value chains. By assuming a homogeneous impact to demand for nonessential goods and services around the world, we demonstrate asymmetric effects on production by industry and international trade, leading to asymmetric relative impacts to national economies. Our results indicate that if demand for nonessential goods and services decreases by 50%, the global gross domestic product will decline by 23%, leading to relative impacts that are larger in China, Indonesia, and some European countries. Also, international trade declines by almost 30%, largely due to a reduction in economic activity associated with the production of raw materials and certain types of manufacturing. This work highlights the relevancy of going beyond measuring the direct effects of COVID‐19 and provides insights into how international trade linkages will induce broader economic impacts across the globe.
Regional economic assessments (REAs), including economic contribution and impact analyses, are often used in resource-based industries to inform policymakers, elected officials, and the general public of an industry’s role within the regional economy. However, REAs have been difficult to conduct for the aquaculture industry due to issues with data availability and quality. This paper will provide an overview of economic contribution analysis, the challenges associated with applying these analyses to U.S. aquaculture production, and techniques to overcome these challenges. The Florida shellfish aquaculture industry is used as an example to highlight some of the data issues and how using different methods within a REA can lead to inaccurate representations of an industry’s economic contribution.
Several past presidents of the Southern Regional Science Association (SRSA) have used the occasion of the presidential address to reflect on the past and contemplate the future of both the association and regional science more broadly. In this paper, I revisit a group of addresses focused on the relevance and broader impact of regional science, touching on how regional scientists came together, how they have remained together, and how they can continue to work together for collective success.

Lab head

Christa Court
Department
  • Food and Resource Economics Department
About Christa Court
  • Christa Court is an Assistant Professor of Regional Economics in the Food & Resource Economics Department at the University of Florida. She also serves as Director of the UF/IFAS Economic Impact Analysis Program, which conducts regional economic analyses for funded research projects, industry organizations, and government agencies, analyzing a wide range of activities and industries. Her research interests include disaster impact assessment, regional economic modeling, and ecological economics.

Members (7)

Xiaohui Qiao
  • University of Florida
Robert Botta
  • University of Florida
Mengming Li
  • University of Florida
Bijeta Bijen Saha
  • University of Florida
Kelsey McDaid
  • University of Florida
Eyrika Orlando
  • University of Florida
Unmesh Koirala
  • University of Florida
Alan Wade Hodges
Alan Wade Hodges
  • Not confirmed yet
Jana Hilsenroth
Jana Hilsenroth
  • Not confirmed yet

Alumni (1)

Caleb Stair
Caleb Stair