If an organization wants to grow or launch a new project, knowing the impact the business has in the local community can help them build support. The University of Louisville’s Thomas Lambert, assistant professor of practice in the College of Business, creates economic impact reports for businesses that paint a picture of their overall value to the community.
These reports can help them secure grants, justify public services, raise funds or improve public opinion. If a company wants to build a new facility, for example, knowing the economic value of jobs and tax revenue the facility will produce may help them secure building permits or tax incentives.
