State Water Resources Research Institute Program

Project ID: 2012CO263B
Title: The Short and Long-Term Impacts of Drought on the Structure of Regional Economics: Investigating the Farm Supply Chain
Project Type: Research
Start Date: 3/01/2012
End Date: 2/28/2013
Congressional District: 4th
Focus Categories: Drought, Economics, Methods
Keywords: Economics, Drought
Principal Investigator: Goemans, Christopher
Federal Funds: $ 5,000
Non-Federal Matching Funds: $ 2,400
Abstract: Agricultural producers throughout southern Colorado are currently suffering through drought conditions comparable to 2002. Water shortages have lead to reductions in output and lost revenues for the agricultural sector. Initial revenue losses associated with lost production represent only a portion of the full economic impact to these regions. Through linkages with other producers in the region, reductions in economic activity can be twice the direct impacts and therefore accurate estimates of their magnitude are critical to policy makers. Current approaches to estimating these impacts (e.g., Implan) assume that the relationships between industries remain constant through drought and non-drought periods. The objective of this study is to develop a better understanding of how the linkages within local economies evolve in response to prolonged drought. The proposed project is critical for developing an accurate and complete picture of the immediate and long-term economic impacts associated with drought.

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