The coronavirus epidemic has reset the way we understand and examine the economy. With major changes to employment levels and household spending, plus stimulus checks, increased unemployment benefits, and PPP loans, it is crucial that economic data is updated during this time. With that in mind, IMPLAN is proud to announce the release of ground-breaking data and economic impact models for the COVID-19 era: Evolving Economy - COVID Q2-2020.
The most granular employment insight IMPLAN has ever assembled and organized by occupation and core competency is now available for purchase inside the IMPLAN application. Our occupation data shows estimates of employment, wages, hours, and core competencies for 823 different occupations. What you find in the data and how can it be leveraged in your own studies can be a game-changer.
Across the country, the service industry has felt the consequences of the coronavirus more severely than most. Through the beginning of May, more than 8 million restaurant jobs were lost. While cities and regions of all sizes have felt the strain, social distancing and business restrictions have affected small businesses in towns reliant on tourism spending particularly harshly. One of these towns is Asheville, North Carolina. Asheville, a city located in the Blue Ridge Mountains of western North Carolina, is known for its beautiful mountain views, tourist attractions, and incredibly robust brewery scene.
According to IMPLAN data, the food service industry supports over 18,000 jobs, making it the largest employment sector in the Asheville MSA. When COVID-19 hit and businesses began closing up shop for indeterminate periods of time, it left many uncertain of how they could continue operating. Gathering restrictions and event cancellations posed a unique threat to the more than 100 food trucks that operate in and around Asheville.
Miami is expecting an economic impact of $854 million from a major event this February, but the source of that economic boom may surprise you. For the last 79 years, the Miami International Boat Show has welcomed boating enthusiasts from around the world for an annual exhibition of watersport technology, products, and recreation. According to a recent study, the economic impact felt in South Florida nearly doubles the contribution expected from the Super Bowl 54.
Decision makers and business leaders are constantly looking for new ways to make their organizations smarter. Economic insight is key to achieving financial goals. IMPLAN has the technology you need in order to unlock economic opportunity.
So, what is IMPLAN? IMPLAN is a platform that combines a set of extensive databases, economic factors, multipliers, and demographic statistics with a highly refined, customizable modeling system. Together, our application and robust data allows you to:
- Gain insight into an industry's contributions to a region
- Quantify the impact of a shock to an economy
- Examine the effects of an existing or emerging business
- Model the economic impacts of changes to business operations
- Study events specific to the economy of a region’s economy, and more.
IMPLAN data is aggregated from multiple sources and is compiled into a 546-sector scheme and framework. The data sources include the Bureau of Labor Statistics, U.S. Census Bureau, Bureau of Economic Analysis, and more. Non-disclosures exist within these data sources, so our team fills in the gaps left by non-disclosures. Beyond reconciling data sources and filling in for non-disclosures, we add additional value by estimating finer geographic scales—calculating more granular data based on what is existing—and providing inter-county trade flow data.
The data and platform have the ability to perform a number of detailed analyses and provide solutions to an ever-increasing amount of questions. How can IMPLAN provide economic insight for you? Start with a question that you want answered.
Much has been written regarding Amazon’s HQ2 decision and what factors ultimately led to the choice of Arlington, VA. In September 2017, Amazon requested proposals for their new headquarters in North America. Ultimately 238 cities across the U.S., Mexico, and Canada submitted bids. Amazon’s RFP stated that 8 million square feet would be required for the campus and approximately $5 billion would be invested in capital expenditures. Additionally, on-site mass transit, a skilled employee base and strong university system (to fill an estimated 50,000 jobs), and easy access to an international airport were ideal site features. However, tax incentives were the ultimate prize for the tech giant.
In order to maximize their potential offers, localities needed to understand their threshold to offer incentives. Economic impact analyses were a critical tool used by bidders for calculating the potential economic benefit that Amazon could bring to their locale, and, in turn, how significant any incentives offered could be. The analyses were a crucial step taken prior to the proposals, however they also informed actions taken after site selection.