Colleges and Universities have used economic impact studies for a variety of purposes and in a variety of contexts:
Before starting on an economic impact study, you might want to read the May 2006 working paper, The Economic Impact of Colleges and Universities, by John J. Siegfried, Allen R. Sanderson and Peter McHenry. The authors make some suggestions about how to analyze data for these kinds of studies -- as well as methodological pitfalls you want to avoid.
Please contact us if you have questions about whether an economic impact study could be of value to your institution. Our website has some additional information about economic impact studies we have conducted during the past ten years.