COVID-19 has the world turned upside down. IMPLAN is no different as we have moved to working remotely instead of heading into the office. As the leader in economic impact modeling data and software, we are being continually asked how to model the economic impacts of COVID-19. Unfortunately, the answer isn’t easy, and with things changing so quickly, it won’t fully be known until the pandemic is under control. No model can predict all of the wide-ranging, short- and long-term impacts of such a far-reaching phenomenon as the COVID-19 pandemic, but here are some ways you can examine what is happening in the U.S. and your community.
News coverage around COVID-19 is unavoidable. The worldwide pandemic has upset lives globally and dominated everyone’s attention for weeks. With the situation seemingly changing every hour, experts across industries have come forward with predictions about all aspects of life including from healthcare, personal finance, the economy, and more. Due to the interconnectedness of our economy, a disruption to any industry has ripple effects throughout other industries and geographies. Foreign travel was one of the first industries to be clearly impacted by the emergence of the coronavirus in China, and impact analyses can demonstrate the reach of those affected by this economic turmoil.
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.
When conducting any economic impact study, defining where an impact is felt is critical. Whether analyzing the nationwide impact of an industry or the contribution that business makes in a specific zip code, IMPLAN’s economic data and modeling provide the insight you are seeking. Data is available for all geographic regions across the U.S. including all 435 congressional districts. This means that economic impact analyses can be run in any congressional district nationwide. Advocacy groups and leaders are utilizing this data to bolster their advocacy efforts, communicate their value to elected officials, and influence legislation.
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.
All industries love touting their growth and positive effect on their regions. New product offerings, business relocation decisions, or increases in employment make for tremendous headlines, but general input-output models do not account for any economic trade-offs or negative effects. So how can you ensure that the figures presented are sound? Enter net analysis. Net analysis provides a holistic look at the effects resulting from a change in production or spending in the economy, both the positive and negative.
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.
It’s that time again! Our data team here at IMPLAN works tirelessly to ensure that IMPLAN can offer the most comprehensive wage and salary dataset possible. Thanks to their efforts, the 2018 Census of Employment and Wages (CEW) dataset is complete and now available. Because of the level of detail and historic data available, the CEW data is perfect for establishing trends and running statistical analyses.
Local events that bring communities together for holidays or regional celebrations often become annual traditions deeply intertwined with an area’s identity. In recent years, however, some localities have halted events like holiday parades, block parties, and July Fourth fireworks due to increasing regulations and rising costs. The immediate savings are beneficial. However, the significant, positive effects these events have on local economies are being lost in the process. While few studies exist regarding the impact of non-tourist, community events on economies, the framework exists to reliably analyze their effects. Before jumping into the event analysis methodology however, there are several factors to assess.