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Regional Economic Impacts
The economic contribution/impact of the seafood industry to the overall economy in the Northeast extends well beyond simply measuring the employment, income, and dockside sales of commercial harvesting activities. Value-added businesses that distribute and process seafood and retail-level establishments that sell seafood also contribute to the economy’s employment and income base. Additionally, beyond these direct effects are the indirect effects that result through intersectoral linkages to non-fisheries sectors in the Northeast. Read more >>
For example, seafood processors purchase goods and services to maintain and operate their facilities, while businesses that provide the goods and services must purchase inputs from their suppliers in order to conduct these transactions. In turn, these suppliers must purchase inputs from their own suppliers, triggering a whole series of additional indirect multiplier effects. This cascading series of industry-to-industry multiplier effects and the cycle of consumption spending induced by all the incomes generated in these economic activities, contributes to the economy’s employment and income base and continues until all of the multiplier effects are derived from outside the Northeast region.
The National Environmental Policy Act (NEPA), Executive Order 12866, and National Standard 8 of the Sustainable Fisheries Act require federal regulators to consider the impacts on businesses that are directly and indirectly affected by proposed management actions. Read more >>
The scope of most economic analyses of management actions in the Northeast Region has been limited to analysis of impacts on directly affected businesses and the preparation of benefit/cost analysis which have a national perspective. While assessments of distributional effects are generally included in a Social Impact Assessment (SIA), the focus of an SIA is on the social implications of a management action on fishermen, fishing families, and social networks in a community. This means that much of the discussion of the implications of management actions on the larger fishing-related and regional economy is left for vetting in public hearings.
An analytical framework known as regional input-output analysis can be used to measure multiplier effects and thus the total economic impact of proposed fishery management action on an overall regional economy. Read more >>
The input-output modeling approach provides a snapshot of the universe of linkages between the economic sectors of an economy and is generally described as a static general equilibrium approach to quantitative economic analysis. The IMPLAN Pro system has considerable appeal due to its extensive use in practical applications and its readily available support literature. Further, since the conceptual basis for input-output methodology is quite intuitive, the results of impact assessments can be readily explained to fishery managers and the Public.
Regional economic impact assessments of marine recreational fisheries are also conducted by SSB economists. Assessments focus on revealing how anglers’ expenditures contribute to economic activity in the Northeast region and how changes in anglers’ expenditures affect regional economies within the Northeast region.