Project: Economic Impact Explorer

Limestone is pleased to announce the Economic Impact Explorer. Motivated by the COVID-19 pandemic, the Economic Impact Explorer was developed to enable communities to understand the impact of economic shocks and policy changes on labour and production outcomes. The insights presented in the tool are generated using Limestone’s Short-Term Under-capacity Dynamic Input-Output model (STUDIO). For more information about STUDIO, please check:

  • Cotton, Christopher, et al. Quantifying the Economic Impacts of COVID-19 Policy Responses on Canada’s Provinces in (Almost) Real Time. No. 1441. 2020. 

The Economic Impact Explorer is developed in partnership with Localintel develops best-in-class online economic development tools. Localintel’s sophisticated platform for digital tool development is a natural complement to Limestone’s rigorous analytical capacity.

The Economic Impact Explorer consists of five different modules, each designed to answer a different set of questions for which local economic development officers might seek answers.

This dashboard can be developed for various geographic levels, from a single Census Division to the country as a whole. This flexibility is brought by Localintel’s platform. Furthermore, Limestone can add custom scenarios to this dashboard for policy makers to assess the impact of alternative policies and events.

An example of this dashboard’s application is the implementation for the Eastern Ontario Leadership Council (EOLC): EOLC COVID-19 Economic Modelling

For more information about the underlying methodology and sales, please contact us. Given that these insights will inform economic development decisions, Limestone has endeavoured to ensure the validity of the insights presented in the tool. First, insights are derived from a variety of publicly available, rigorously validated datasets. Second, Limestone has been comparing its estimates of economic impact to estimates from other established sources including Statistics Canada and the Conference Board of Canada. For example, compared to Statistics Canada’s estimated second quarter decline in nominal GDP of 38.7% across Canada, Limestone estimated a decline of 40.5% (seasonally unadjusted). Moving forward, Limestone and Localintel are committed to ground-truthing the results presented in the Economic Impact Explorer through collaboration with local communities.

Clients / Partners

Timeline

Spring-Summer

2020

Dashboard modelling
Summer-Fall

2020

Dashboard development
Fall

2020

Launch of Economic Impact Explorer