Bronx Commons Economic and Fiscal Impact Analysis
BJH performed an economic and fiscal impacts analysis of an arts-based, mixed used development called Bronx Commons. The project plan consists of several components, including 293 affordable housing units (15% of which are to be targeted at musicians), performing arts and studio facilities, and a high school focusing on musical training. BJH’s scope included calculating the one-time and ongoing economic impacts (direct, induced and indirect) of the project. One-time impacts include construction spending and employment. Ongoing impacts include benefits of the housing project to the artists/tenants, as well as the benefits of having studio / work space adjacent and affiliated with the housing. In addition to the quantitative impacts, BJH undertook a qualitative narrative of project impacts that highlighted the development’s creation of a focal point for income generating opportunities for musicians. The narrative provided case studies for how an area’s musical heritage could catalyze further economic activity, activity not traditionally accounted for in traditional economic multipliers. BJH finally assessed the characteristics of musician-driven, home-based employment, and how these activities contributed to the local economy in broad ways not traditionally associated with home-based employment.
