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IMPLAN Blog

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

While the Iron Is Hot: Examining the Economic Impact of 2023 Strikes

Posted by Bjorn Markeson & Chandler West on April 18, 2024

In the last year, the United States witnessed a notable surge in strikes, with significant ramifications for various sectors of the economy. 

2023 saw a considerable uptick in strikes, with 33 major work stoppages—the highest in over two decades. Notably, these strikes involved nearly 459,000 workers, resulting in approximately 16.7 million days of lost work. Among these, the SAG-AFTRA strike, involving 160,000 actors and lasting four months, stood out as one of the most significant.

Drawing from recent data, this analysis delves into the economic effects of some of the most high-profile strikes, those by the Screen Actors Guild—American Federation of Television and Radio Artists (SAG-AFTRA), the Writers Guild, the United Auto Workers (UAW), and a coalition of unions against healthcare giant Kaiser Permanente.

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Topics: Economics, Impact

Surging Demand for Distribution Transformers: A Crucial Economic Analysis

Posted by Jenny Thorvaldson & Chandler West on April 10, 2024

The United States is experiencing a surge in demand for distribution transformers, a critical component of its power infrastructure. This demand spike is not merely a localized issue; it reflects broader economic dynamics and necessitates a deeper understanding of its implications. Let’s delve into the economic intricacies of this phenomenon and its far-reaching impacts.

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Topics: Economics, Impact

Introducing IMPLAN’s First Enhanced Guide

Posted by Chandler West on April 4, 2024

Economic impact analysis isn’t just for those with years of experience in the field of economics anymore. 

For decades, IMPLAN has been the tool that economists and researchers turn to when they want to measure the impact of an economic event on a region. IMPLAN has long been trusted to deliver easy-to-use impact modeling, and extensive economic analytics. A few months ago, the IMPLAN Product Development team launched Quick Start Guides, which make it possible for those without an economics background to perform economic impact analysis quickly and easily by following a series of prompts that appear on the screen inside the application.

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Topics: Economics, announcement, Impact, Education

Understanding the Economic Impact of the Francis Scott Key Bridge Collapse

Posted by IMPLAN Staff on March 27, 2024

The recent collapse of the Francis Scott Key Bridge has sent shockwaves not only through Maryland, but also through the United States and the world at large. In addition to the heartbreaking loss of life, this event also has significant economic implications for the state of Maryland. In the aftermath of this disaster, the IMPLAN team has been hard at work analyzing the economic impact of a potential one-month closure of the Port of Baltimore.

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Topics: Economics, Impact

Why IMPLAN?

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
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