Economic Impact Study - Economic impact of Food Trucks on Local Municipalities
Project scope
Categories
Data analysis Market research Financial modeling Data scienceSkills
impact assessment data science advocacy online databases economic analysis economics research operationsThe main goal of this project is to attempt to measure the impact of food truck businesses on local economies and municipal governments. The study aims to comprehensively assess the economic implications of food truck operations and advocate for their positive contributions to local communities. This project seeks to provide an evidence-based understanding of the economic benefits, challenges, and policy considerations associated with food trucks. By conducting rigorous research, our desired outcomes are to generate actionable insights, foster informed policymaking, and promote the sustainable growth of the food truck industry.
Learners will need to leverage skills in economics and data science to utilize online databases in an attempt to quantitatively model the impacts of food trucks on a local scale. This will involve drafting a local economics impact report that can be shared with municipalities and local governments to campaign for food truck legislation, by highlighting the beneficial impacts food truck operations have on local economies (using existing economics data & case study analysis or literature review to support claims). Moreover, participants will need to identify and evaluate publicly available data that demonstrates these benefits; using metrics such as local job creation, revenue generation, revenue to government in operation fees, local foot traffic, revenue of neighbouring business, etc. This may include querying databases such as Statista or US Bureau of Economic Analysis, then analyzing collected data to demonstrate beneficial relationships between food trucks and local economies.
The association will offer support in some of the following ways:
- Regularly scheduled check-ins with the team to ensure students are comfortable with tasks and have the necessary resources or information to succeed.
- Project Lead/Supervisor will be available for contact on weekdays and will be able to answer any questions and clarify any issue, additionally options will be provided for additional one-on-one meetings if students require it.
- Clear communication channels for students to raise any concerns or ask questions throughout the project.
- Pre-selected collection of previous literature or studies that learners may use for background information and to guide methods of measuring impact.
About the company
The Food Trucks Association of Canada (FTAC) is a national, nonprofit organization which was first registered in Canada in the late summer of 2020, in the earlier period of onset of the pandemic.
https://www150.statcan.gc.ca/n1/pub/45-28-0001/2021001/article/00010-eng.htm
An agile approach has been taken and we are now looking to redefine how we can best start and grow to support the industry. It is critically important to us to provide real and lasting value to our members.
Projects that are taken on by students and courses in the Riipen platform will be instrumental in our ability to build capacity to deliver that value.
To date, the work of the Food Trucks Association of Canada has been led by a volunteer Executive Director who is a passionate advocate in this space, and has leveraged a 75% student body of employees made available through various employment subsidies. It is a key part of our mandate to support student learning.
The NAICS code for the Food Trucks is 7223 and other code subsets.