IMPLAN Blog

As the 2024 election looms, one of the most debated policy proposals is the "No Tax on Tips" plan championed by former President Donald Trump and Vice President Kamala Harris. This initiative, which aims to eliminate federal income tax on tip income, is designed to bolster the take-home pay of millions of American workers in the service industry. While the plan promises immediate benefits for tipped workers, its broader economic implications raise questions about long-term impacts on the U.S. economy. 

We’re thrilled to announce the latest additions to IMPLAN’s Quick Start Guides: the University Impacts Guide and the Simplified Tourism Impacts Guide. Like our other Quick Start Guides, these new guides are designed to make economic analysis accessible to everyone, regardless of their background in economics. By following a series of on-screen prompts, users can easily analyze the impacts of various economic events and projects.

Wildfires are devastating for communities, ecosystems, and the economy. They lead to significant property losses, industry disruptions, and income reductions. However, the aftermath of these natural disasters also triggers substantial economic activity, particularly through rebuilding efforts and support systems. This dual nature of impact—both negative and positive—on the economy has been highlighted in a recent analysis using IMPLAN data.

The Farm Bill is a comprehensive piece of legislation that governs various agricultural and food programs, including SNAP, and has significant implications for the agricultural sector and the broader economy.

This summer, the US Energy Information Administration (EIA) projects that residential customers will see their monthly electricity bills average $173 from June to August, up from last summer's $168. This 3% increase is due to households consuming an additional 30 kilowatt hours of energy each month compared to last year. Some estimates predict an even sharper rise, with costs expected to be 8% higher from June to September compared to the previous year.

The Energy Hardship Report by the Center for Energy Poverty and Climate and the National Energy Assistance Directors Association revealed that in March, 34.3% of households reported forgoing basic necessities to cover their energy bills at least once in the past year. To understand the impact of rising cooling costs, we assume that 34.3% of American households, or nearly 44 million households, will reduce non-electricity spending by 3% from June to August.

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.

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.

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.

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. 

We are thrilled to announce the latest update of our Canada Provincial Product, with data from 2020! At IMPLAN, we are committed to providing our users with the most accurate and comprehensive economic data to drive informed decision-making and analysis.