pf_01909 - Laserfiche WebLink

Home

1 1 1 1 1 [J F 1 1 0 r 0 1 1 fl TO: MR. CRAIG WALDRON DIRECTOR OF COMMUNITY DEVELOPMENT CITY OF ROSEVILLE SUBJECT: ECONOMIC IMPACT OF THE PROPOSED MINNEAPOLIS BUSINESS COLLEGE DEVELOPMENT ON THE LOCAL ECONOMY The information provided below is intended to provide background for the assumptions utilized in calculating the economic impact of Minneapolis Business College on the local economy. In summary form, the following sources and assumptions apply. GENERAL ECONOMIC IMPACT SOURCE: U.S. Dept. of Commerce, Regional Economic Impact Office, Mike Lund, 1-202-523-9213 (phone #) Using a RIMS II Model (see different multipliers should be Business College. The aggregate can be determined as the sum of the following factors: yellow sheet attached), three considered for the Minneapolis economic impact of this school the effects created by each of A. the Input/Output Multiplier for the industry B. the Earnings Multiplier C. the Employment Multiplier Minneapolis Business College falls under the SIC category of "Libraries, Correspondence Schools & Educational Services". The specific category is SIC #8244, with the major group heading as Educational Services (SIC 82). All information provided below is specific to the above mentioned categories. The Earnings and Input/Output Multipliers are defined in terms of per dollar output. For example, if you apply the Input/Output Multiplier, for every $1.00 spent by MBC approximately $2.1284 is returned to the local economy. In the case of the Earnings Multiplier, approximately $0:6578 can be expected to be returned to the local economy. The Employment Multiplier is expressed in terms of the number of jobs created for every $1,000,000 spent, or approximately 55.7 per $1.0 million. For purposes of this summary, two sets of multipliers are utilized to establish economic impact. The selected multipliers representing the Twin Cities and the State of Minnesota, are detailed below.