Scitech Economic Impact Assessment
BCEC is undertaking an Economic Impact Study to evaluate Scitech’s contribution to the Western Australian (WA) economy and broader community.
Scitech is a not-for-profit organisation that seeks to increase awareness, interest, capability and participation by all Western Australians in science, technology, engineering and mathematics (STEM). The ‘Future Jobs, Future Skills’ WA State STEM Strategy released in May 2019, has emphasised the current and future critical role Scitech plays in developing STEM skills, awareness and engagement across all age groups and across various demographics.
In addition to addressing the direct and indirect economic impact of Scitech, this study will assess the broader induced economic impact Scitech makes to the WA economy, including the return on investment through future employment and earnings profiles. Using bespoke economic modelling, scenario analysis will also be applied, projecting the impact of potential future scenarios (such as the impact of the New Scitech Strategy) on Scitech’s impact and broader reach.
The Economic Impact Study report is expected to deliver the following outcomes:
- Identify the economic areas that Scitech benefits in Western Australia, particularly through delivering on the mission of increasing the awareness, interest, capabilities and participation by all Western Australians in STEM.
- Quantify Scitech’s current economic contribution to Western Australia, providing a benchmark of Scitech’s economic contribution based on current activities.
- Model the anticipated future economic impact of Scitech on the Western Australian economy and the estimated return on investment under various scenarios.
- Provide an evaluation tool or framework to guide ongoing assessment of economic impact.