Alec has evaluated the economic, fiscal, and socioeconomic impacts from construction and operation of large and complex infrastructure projects, as well as a broad range of commercial and industrial projects. Alec has employed sophisticated analytical techniques and custom economic impact models for economies as large as the United States or as small as census tracts to produce the most reliable measures of impacts. Recently, Alec has been working with investment companies to measure the full range of impacts associated with over $20 billion in real estate projects throughout the United States.
Mutual Fund Real Estate Investments in the United States
For the AFL-CIO’s Housing Investment Trust (“HIT”), measured the economic and fiscal impacts associated with $8.5 billion in real estate projects throughout the United States. Impacts were measured using a detailed expenditure approach within the IMPLAN modeling software. Projects included multi-family residential, mixed use commercial, hospitals and other healthcare facilities, and senior living and rehabilitation centers. This mutual fund finances projects that support union labor. As a result, developed a union trade module that was used to allocate direct construction jobs to 16 different trade groups. In addition, researched and developed a detailed union-augmented, input-output framework that allows for the estimation of secondary union jobs, by state, across all 539 industry sectors in the IMPLAN model. To our knowledge, we are the only economic consulting firm in the United States with this union-augmented input-output modeling framework.
Construction and Operation of a Data Center
For Facebook, measured the economic and fiscal impacts associated with the construction and operations of its Prineville Data Center. The analysis provided detailed impacts for each phase of the $210 million construction project for the local, regional, and state economies. The report also served as a foundation for a presentation to persuade the Oregon Legislature to alter its property taxing policy on data centers. Alec was the sole analyst and author of this comprehensive analysis.
Bond-Financed Capital Projects for Portland Schools
For the Portland Public School District and Clackamas Community College, used an economic impact modeling framework implemented within the IMPLAN system to measure the economic and fiscal impacts associated with over $700 million in bond-financed construction and renovation projects for Portland area schools. Impacts were based on detailed project spending and financing costs over various time periods to measure both the gross impacts (unadjusted for bond financing) and net impacts (adjusted for bond financing).
Commercial Real Estate Projects Funded Through Labor-Owned Investment Company
Estimated the economic and fiscal impacts of over $3 billion in commercial real estate projects funded through Uliico’s real estate investment fund (“J for Jobs” account). Used detailed project costs to measure individual project impacts for over 30 commercial real estate projects funded between 2013 and 2015. Projects included mixed use commercial, hotels, multi-family residential, retail centers, and multi-tenant offices. All projects are constructed using union labor. Analysis included the development of a union trade module to measure jobs and hours of work for union workers in 16 different trade groups.
City of Seattle’s Alaska Way Viaduct Replacement Project
Conducted a comprehensive economic analysis of impacts of proposed changes to Seattle area transportation resulting from restructuring of the Alaska Way Viaduct, including analysis of tolling and other congestion models, impacts of freight traffic, analysis of the short-term construction impacts and the long-term accessibility and business development impacts using a combined econometric and input-output model designed to link changes in accessibility to changes in business activity.
Equity Fund Real Estate Investments in the United States
Used detailed project costs to measure the economic and fiscal impacts associated with almost $7.5 billion in real estate investments funded by the Multi-Employer Property Trust (“MEPT”) since 1982. Impacts were measured for individual projects, and then summed by market and state. Projects include office buildings, warehouses, flex/research and development facilities, multi-family residential, retail centers, and mixed use. Economic and fiscal impact measures include changes in output, income, employment, and state and local tax revenues. Additional impacts were calculated for union construction labor and green building projects.
Bremerton Downtown Revitalization Program and Boardwalk Project
Conducted a comprehensive socioeconomic impact study for the City of Bremerton’s proposed down town revitalization program, including a 25 year forecast of the economic and fiscal impacts; estimation of the tax revenues to be received by various local entities such as schools, fire and police, and roads; and evaluation of a wide range of economic development issues such housing supply, commercial space, and changes in zoning regulations. Study included an analysis of the economic and fiscal impacts from a proposed Boardwalk project, including a market demand analysis, evaluation of tourism-related impacts and economic development potential.
San Francisco Tolling and Transit Policy Alternatives
Development of a combined econometric and input-output model to measure the economic impacts associated with changes in zonal accessibility resulting from the NE Corner Cordon tolling and transit policy alternatives designed by the San Francisco County Transportation Authority. Static user benefits were measured using a Benefit-Cost Analysis tool. The changes in inter-zonal travel impedances resulting from the tolling options were used to predict impacts on the trends (relative to baseline trends) of employment and other indicators in the city, the rest of county, and other Bay Area counties. The analysis used impedance-incidence analysis, and measures of the locational sensitivity of affected business sectors.
Proposed 500-kilovolt (kV) Transmission Project
For Portland General Electric (“PGE”), evaluated the economic and fiscal impacts associated with PGE’s nearly $1.0 billion, 500 kV Cascade Crossing Transmission Project. Used detailed construction cost estimates, and the IMPLAN economic impact modeling software to measure the economic and fiscal impacts of the project for the state of Oregon and the nation. Importantly, to meet critical project deadlines, the impact modeling and report were prepared in less than 45 days.
Magnolia Bridge Replacement in Seattle, Washington
Prepared an analysis of the impacts of replacement of the Magnolia Bridge in Seattle, WA on overall business activity, including long-term changes in business and shopping patterns, altered commercial sales potential and resulting effects on jobs, cluster industry economics, long-term employment creation, including development and business growth, and effects on property values and property tax collections, on B&O taxes, and on sales tax revenues. Short-term impacts were also assessed. These included economic impacts related to project construction activities, including temporary changes in accessibility and resulting business or shopping patterns, construction-related employment, sales tax revenues, the loss of businesses and jobs as a result of property acquisition, and potential commercial development at Terminal 91.
Construction and Operation of Combined-Cycle Power Plant in Oregon
For Troutdale Energy Center (“TEC”), measured the economic and fiscal impacts from construction and operation of a proposed $680.5 million combined-cycle power plant facility in Troutdale, Oregon. Used detailed construction and operating cost estimates and the IMPLAN economic impact modeling software to measure the economic and fiscal impacts of the TEC. In addition, the report described the fiscal impacts of the facility for property taxes and community service fees. The report assisted in the application for the State of Oregon’s Strategic Investment Program (SIP), a tax incentive program created to encourage traded sector businesses to locate in Oregon.