Revolutionizing Economic Development: Real-Time ROI Tracking for Resident Recruitment
By Natalia Wolting • Jul 18, 2024
We are excited to announce a new feature in the Mover Recruitment Studio: the ROI Dashboard. This powerful tool provides a real-time look at the economic impact of your recruitment efforts.
New residents are very valuable to their chosen destinations. They spend money and support the local economy, pay taxes, many will buy homes and bring kids to the local schools and so much more. All that activity generates economic impact. For instance, the school system might hire more teachers to accommodate new students. Or the local coffee shop might hire more staff and will pay incremental taxes as they meet the increased demand. To generate these estimates, MakeMyMove uses the IMPLAN input/output model to calculate the induced economic output of the workers and supplement that output with the expected state and local income taxes these workers pay in each region.
Immediate Impact, Visible Results
Economic Development projects often require significant time and resources before yielding tangible results. However, recruiting remote workers allows communities to grow their economies and do it quickly. MakeMyMove’s ROI Dashboard offers a real-time look at the economic impact of these efforts, providing invaluable insights for decision-makers and stakeholders alike.
Using individual mover income information, we calculate the new annual economic output and tax impacts of your new residents.
Pipeline Value Dashboard
Key Features of the ROI Dashboard
Annual & 5-Year Economic Impact - Utilizing IMPLAN, an industry-standard input-output model, we calculate your new residents' economic impact on the community. This feature not only showcases immediate benefits but also projects the value of the program into the future.
Annual Tax Contributions - Measures how much new movers are contributing to the community's tax base each year, highlighting the fiscal advantages of resident recruitment efforts.
Potential New Residents - By estimating the potential value of the current pipeline of movers, the dashboard helps communities forecast future economic gains and plan accordingly.
Reach - You can view total applications, likes and impressions from potential movers.
The updated dashboard provides real time information about your campaign's reach.
About IMPLAN
Economists and economic developers widely use IMPLAN for this purpose. According to IMPLAN, their models are "based on the work of Nobel Prize winner Wassily Leontief. The foundational concept is that all industries, households, and government in the economy are connected through buy-sell relationships; therefore, a given economic activity supports a ripple of additional economic activity throughout the economy." To achieve this, they gather data from a large variety of federal sources, convert them to a consistent format, and control the newly formatted data against other known data sources to maintain accuracy. Learn more about how IMPLAN WORKS and their DATA SOURCES.
Looking Ahead
One of the most significant advantages of the ROI Dashboard is its ability to provide transparent economic returns. This level of clarity is crucial for garnering support from community leaders, taxpayers and other stakeholders. By demonstrating the concrete benefits of resident recruitment initiatives, communities can justify their investments and build confidence in their economic development strategies.
Stay tuned for more updates to the dashboard as we continue to make it easier for our program owners to see the impact of their efforts.
At MakeMyMove, we help communities grow by recruiting new residents. To get your community started, contact us here.
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