Every $1.00 in local program expenditures generates $1.82 in total economic impact.*
The WIOA program invests money in the local economy. When money is spent to train an individual for a better paying job, that individual is then able to spend more and pay more taxes, and the employer is better able to meet business demands. The benefits ripple out to the larger economy in terms of stronger businesses, vibrant workforce, and stable communities.
Our expenditures of $1,374,781.00 are estimated to produce a total economic impact of $2,502,101.42 in Program Year 2022 (July 1, 2022 to June 30, 2023).
Expenditures flow thought the local economy, spurring the production of goods and services, supporting employee income, and helping generate local tax revenue.
What is Economic Impact?
There are four economic impacts:
- Direct Impact includes employees, organizational spending, employee spending, and spending by customers as a result of the WIOA program.
- Indirect Impact is the subsequent purchases made, or wages paid, by businesses using funds earned by supplying goods or services to the WIOA program.
- Induced Impact is the impact on local businesses caused by expenditure of new household income generated by the direct and indirect effects of the WIOA program.
- Total Impact is the total of direct + indirect + induced impact as a result of the WIOA program.
* Estimated based on research completed in Tennessee by the University of Memphis, Sparks Bureau of Business and Economic Research, 2017. Retrieved Aug 4, 2021, from https://www.tn.gov/content/dam/tn/workforce/documents/Contact/TNWIOAImpact2014_15.pdf
