How Much Does an Economic Impact Study Cost?

"How much does it cost?" is the first question almost every prospective client asks. The honest answer is: it depends, and the range is wide. We have completed economic impact studies for as little as $3,000 and as much as $150,000 or more. The variance is not arbitrary — it is driven by a small number of well-defined factors that you can think through before you ever request a proposal.

The Five Main Cost Drivers

1. Geographic Scope

A single-county study costs less than a multi-county or statewide study, which costs less than a multi-state or national study. The reason is not the modeling itself — input-output models scale efficiently — but the data collection, stakeholder engagement, and quality assurance work needed to defend results across more geography. A statewide study often requires multi-regional input-output (MRIO) modeling, which captures interstate trade flows and produces meaningfully different (and more accurate) numbers than a single-region model.

2. Number of Project Sites or Activities

A single-site study (one campus, one festival, one facility) is the simplest case. A multi-site study (a five-airport system, a ten-campus university system) requires modeling each site separately and then aggregating, which adds time. A statewide system study covering 75 airports — like our work for the Montana DOT — requires a much larger budget than a study of a single international airport.

3. Primary Research Requirements

If your study can rely on existing data (financial statements, employment records, attendance figures), it will cost less than one requiring primary data collection. The most expensive primary research components are:

• Visitor intercept surveys at events, festivals, or attractions — requires field staff, statistical sampling, and weeks of post-collection data processing.
• Stakeholder interviews with tenants, suppliers, or program participants — semi-structured interviews are time-intensive to conduct and synthesize.
• Web-based surveys of large populations — typically the most economical primary research, but still requires instrument design, distribution, and analysis.

4. Deliverable Quality and Format

A 5-page memo is much less expensive than a 60-page designed report with custom graphics, maps, an executive summary, a board presentation deck, and a public-facing infographic. We always recommend investing in deliverable quality — the most rigorous study in the world is wasted if its findings are buried in a poorly designed PDF that no one wants to read. But the level of design polish is a real cost driver, and it should be matched to your audience and the use case for the study.

5. Methodology Complexity

Some studies require advanced techniques: multi-regional input-output modeling, dynamic CGE models, hybrid IMPLAN-REMI approaches, fiscal modeling at the local level, or scenario analysis comparing alternative project futures. These add cost relative to a standard single-region IMPLAN run. They also add value when the question demands them — but a basic study is the right choice when a basic answer will do.

What Does That Translate To in Dollars?

For context, here are typical price ranges from our practice:

• $3,000 – $8,000: A targeted attendee survey or a small fiscal impact memo for a single-county project with existing data.
• $8,000 – $25,000: A standard single-organization economic impact study (one campus, one facility, one festival) with a designed report and basic primary research.
• $25,000 – $75,000: A multi-site, multi-region, or methodologically complex study with substantial primary research and high-quality deliverables.
• $75,000 – $150,000+: Statewide system studies, large multi-stakeholder engagements, or studies requiring custom modeling and executive presentation.

Why We Quote Fixed Fees

Hourly billing is common in consulting and creates a misalignment of incentives — the consultant benefits from work expanding, the client benefits from work contracting. We quote fixed fees for every engagement so that both sides know exactly what is being delivered and at what cost before the work starts. If we under-scope a project, that is on us. If you change the scope mid-project, we have an honest conversation about the impact on price. This approach takes more discipline up front but produces fewer surprises.

How to Get an Accurate Quote

When you request a proposal, the more you can tell us about the following, the more accurate our quote will be:

• What you are studying (organization, project, event)
• Who the audience is for the final report
• What geography you care about
• What data already exists and what would need to be collected
• What deliverables you need (report, deck, executive summary)
• Your timeline and any hard deadlines

Most of our proposals are delivered within 48 hours of receiving an inquiry. If you are not sure what you need, we are happy to talk it through on a call before you commit to anything.