A Cornell University team has found that the economic impact of the apple industry in New York State is 21 percent larger than traditional models suggest. Researchers used the apple industry as a case study to test a new – more precise - framework for economic impact analysis. Traditional economic impact analyses often rely on secondary state and national data, which can give a distorted picture of how an agricultural industry will affect a local economy. The new model uses locally sourced data showing what farmers are spending their income on and where.
"If the analysis has implications for private or public local economic development initiatives, the more accurate the numbers, the better," said Todd Schmit, lead author of the study. "Collecting local data is really hard, it's costly, it's time consuming. The flip side is, in most cases, that's time and money well spent."