Summary of Impact Analysis Report

This Economic impact analysis projects the anticipated direct, indirect and total economic impact on the City of Meriden associated with the proposed development presented in the conceptual Land Use Plan. Economic impacts have been calculated for both the construction phase and operational phase of Meriden City Center. For purposes of these calculations, we have included the entire redevelopment portions of the complex.

Economic impact is the “umbrella” term for three subsets of specific impacts: jobs created, earnings generated and output.

Jobs
Employment levels sustained by an entity’s current existence, or anticipated to be created by investment, such as construction. Jobs are annual, full-time equivalent.

Earnings
Salaries and wages paid to employees (not corporate earnings or net profit); the second type of impact calculated. Construction phase earnings are spread over the life of the project and not repeated. Operational earnings are considered ongoing, annual impacts. 

Output
The sum of economic activity associated with the development. In the case of the construction phase, direct output is the total development budget. In the operational phase, output is a projection of the sum of all operations expenditure for the businesses operating out of Meriden City Center.