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Expanding Horizons: Updated IMPLAN International Product

Posted by Chandler West on July 11, 2024

We're thrilled to announce a significant enhancement to our International Product – an expansion that opens up a world of possibilities for economic analysis. With the addition of 10 new countries to our database, we're now covering a total of 76 countries, empowering users with broader insights and deeper understanding across diverse economies.

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Topics: Data, Economics, Technology, Methodology

NAICS Codes 101: Understanding Industry Classification with IMPLAN

Posted by Chandler West on July 3, 2024

When you’re delving into economic analysis, you'll often encounter North American Industry Classification System (NAICS) codes. NAICS codes (pronounced like “snakes” without the “s”) are essential for categorizing businesses and understanding economic data. 

In today’s blog, we’ll break down what NAICS codes are, how they correspond with IMPLAN sectors, and why they matter for your economic impact analysis.

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Topics: Data, Economics, Technology, Methodology

Understanding IMPLAN: Measures of GDP

Posted by Joe Demski on June 30, 2024

If you review the results of an IMPLAN economic impact study, you will not find GDP listed in the results. Naturally the question arises, "What is the GDP?" Within IMPLAN results, that value is actually demonstrated in multiple ways. 

Gross Domestic Product (GDP) is defined as the total market value of all final goods and services produced within a region in a given period of time (usually a quarter or year). GDP is the sum of value added at every stage of production (the intermediate stages) for all final goods and services produced within a region in a given period of time. In other words, GDP is the wealth created by industry activity.

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Topics: Data, Economics, Technology, Methodology, Impact

Tripling Nuclear Energy Capacity in the United States: The Impact of Converting Coal Power Plants to Nuclear

Posted by Chandler West & Maria Lucas on June 25, 2024

The United States made a significant commitment during COP28 (The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC) late last year by endorsing the declaration to triple its nuclear energy capacity by 2050. This ambitious goal aligns with the U.S. Department of Energy's (DOE) projections for reaching net-zero emissions in the next 26 years.

A key strategy to achieve this goal involves converting existing coal power plants to advanced nuclear plants. The DOE has identified 315 coal power plant sites as suitable for such conversions, including 125 recently retired plants. This approach could significantly cut construction costs, address job security for the current energy workforce, and advance environmental justice.

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Topics: Economics, Environmental, Energy, Impact

The Multi-faceted Economic Impacts Associated with the Increased Use of GLP-1 Medications

Posted by Jenny Thorvaldson & Chandler West on June 4, 2024

A new class of obesity medications known as GLP-1s has taken the U.S. by storm, with 10 million Americans having already taken the medications and 5 million still currently using them. 

GLP-1s work by decreasing appetite and can reduce calorie intake by 20% to 30% daily, according to findings from a Morgan Stanley research survey. Consumers in the survey reported reduced food consumption in many food categories, with the differences being most notable for snacks, confections, carbonated and sugary drinks, and alcohol. 

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Topics: Economics, Impact, healthcare

The Economic Impact of California Senate Bill 525: A Game-Changer for Healthcare Workers and Patients

Posted by Chandler West & Maria Lucas on May 28, 2024

California's Senate Bill No. 525 (SB 525) is making waves in the healthcare industry. This landmark legislation proposes to raise the minimum wage for healthcare workers from $15.50 per hour to $25 per hour, a move aimed at addressing staffing shortages and reducing long wait times. The bill promises to improve patient health outcomes and enhance the quality of life for healthcare workers. While the benefits are clear, the implications for the home health service industry, in particular, are profound.

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Topics: Economics, Impact, healthcare

Reveal Your Ripple Effect: Harnessing the Power of National-Level Economic Impact Analysis

Posted by Chandler West on May 23, 2024

In the realm of economic analysis, understanding the full scope and implications of a firm's activities, an industry's growth, or the repercussions of a significant event is paramount. Economic impact studies serve as invaluable tools for unraveling these complexities, shedding light on the multifaceted effects that reverberate through economies. Today, we’re exploring why leveraging IMPLAN Cloud on a national scale is indispensable for informed decision-making.

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Topics: Economics, Impact

Navigating the Economic Impacts of Hurricane Season 2024

As the 2024 hurricane season approaches, forecasts predict an unprecedented number of named storms. A research team led by University of Pennsylvania climate scientist Michael Mann predicted a range of 27 to 39 named storms, with a best guess of 33 – and the economic ramifications could be substantial. The following analysis uses IMPLAN to explore the potential impacts of U.S. storms on the U.S. GDP and employment landscape, considering both the damage costs and the economic stimulus provided by recovery efforts.

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Topics: Economics, Impact

Understanding IMPLAN: Multipliers

Posted by Joe Demski on May 14, 2024

The foundation upon which IMPLAN economic impact analyses are built is the input-output (I-O) model, and the basis for I-O models are multipliers. Multipliers are rates of change that describe how a given change in a particular industry generates impacts in the overall economy (e.g. for every dollar spent in the economy an additional $0.25 of economic activity is generated locally, implying a multiplier of 1.25). What multipliers represent and how they are calculated can vary significantly. 

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Topics: Data, Economics, Technology, Methodology, Impact

Understanding the Economic Impact of the Child Tax Credit Bill

Posted by Jenny Thorvaldson & Chandler West on May 9, 2024

The proposed Child Tax Credit bill currently awaiting Senate approval promises to provide much-needed financial support for low-income families. This bill seeks to increase the maximum refundable amount per child, potentially uplifting millions of children and their families. 

This bipartisan legislation would, among other things, increase the maximum refundable amount per child of the Child Tax Credit from $1,600 currently to $1,900 in 2024 and $2,000 in 2025, as well as an inflation adjustment capped at $200.  An estimated 16 million children in families with low incomes would benefit in the first year, with more expected to benefit in the second year. 

A recent analysis conducted by IMPLAN sheds light on the far-reaching economic implications of the Child Tax Credit component of this bill, illustrating how increased household spending can stimulate GDP growth, job creation, and federal tax revenue.

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Topics: Economics, Impact


Put simply, IMPLAN is built for everyone.

Together, our software and data give you a window into your region of study — like one gigantic transaction log for the local economy. Chances are that if your project or business has a financial component, then IMPLAN can reveal some sometimes surprising detail about how your project relates to the local, state, or national economy.

What used to take economists weeks can be done in minutes. By anyone!

But you're not alone, IMPLAN's best benefits go beyond the work done in the tool:

  • Easy to learn and use
  • Outstanding customer support
  • Access to orientations, trainings, and project consultations
  • Instills confidence in your analyses

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