Impact of economic development : a community's guide to understanding the impact of a newly located business

Understanding the effects of development is essential to analyzing projects and making wise development decisions. The process of evaluating the effect development projects will have on state and local communities is called impact analysis. Two types of impact analysis exist -- fiscal and economic.This paper will explain fiscal and economic impact analyses, including the differences between the two. It will then outline considerations to be used in employing each of the methods to gauge new economic development. Most importantly, it will stress the need to utilize each as a single tool among many in making informed, comprehensive development decisions