Potential Economic Impact on the Greater Richmond Region

The Economic Strategy Center of Atlanta has projected specific benefits of 17,250 new direct jobs based on the IMPLAN input-output economic model reflecting Richmond’s local economy.

Economic Impact of 17,250 New Direct Jobs
Direct Jobs	17,250
Total Jobs	37,028
Earnings (Payroll)	$1.6 billion
Output	$7.1 billion
Disposable Personal Income	$1.4 billion
Net Personal Consumption Expenditures	$1.2 billion
Deposit Potential for Area Financial Institutions	$550,304,164
Disposable Personal Income: Personal Income less Personal Tax and Nontax Payments Net Personal Consumption Expenditures: Percentage of Disposable Personal Income less Interest, Personal Transfer Payments, and Personal Savings Deposit Potential: Personal Savings Rate less Deposit Leakage Estimate with area turnover (Reserve Req. Ratio). Distribution of Consumer Expenditures (in millions).

Each new job created as part of the Partnership's aggressive work plan is estimated to support the creation of an additional 1.15 jobs in the region. The 37,028 total new jobs will have an estimated payroll of $1.6 billion and will support personal consumption expenditures of $1.2 billion. The distribution of this annual new consumer spending on housing, transportation, food and other items is shown in the following chart.

Distribution of Consumer Expenditures
	Housing	$375.36
	Transportation	$220.60
	Food	$146.68
	Personal Insurance, Pensions	$122.43
	Health Care	$71.61
	Entertainment	$54.28
	Cash Contributions	$46.20
	Apparel	$45.04
	Miscellaneous	$18.48
	Education	$18.48
	Personal Care	$15.01
	Alcoholic Beverages	$9.24
	Tobacco Products	$9.24
	Reading	$2.31
Note: Expenditure figures shown in millions.