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Using the Regional Input-Output Modeling System (RIMS II)

Using the Regional Input-Output Modeling System (RIMS II). Ian Mead, Ph.D. C2ER Annual Conference Oklahoma City June 7, 2012. Overview. Recent developments Increased use of RIMS II More diverse set of customers Improved guidance Recent working papers RIMS II User’s Guide.

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Using the Regional Input-Output Modeling System (RIMS II)

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  1. Using the Regional Input-Output Modeling System (RIMS II) Ian Mead, Ph.D. C2ER Annual Conference Oklahoma City June 7, 2012

  2. Overview • Recent developments • Increased use of RIMS II • More diverse set of customers • Improved guidance • Recent working papers • RIMS II User’s Guide

  3. User’s Guide: Goals • Highlight model’s assumptions • Encourage: • Use of knowledge on local economy • Viewing results in relation to other studies • Transparency • Robustness checks

  4. User’s Guide: Development • Request customer feedback • Review existing impact studies • Develop “in-house” analyses • Analyze sensitivity of results

  5. User’s Guide: Features • Focus on most important decisions • Step-by-step instructions • Realistic examples • Margin notes

  6. User’s Guide: Content • Relation to other tools • Model’s assumptions • Basic application • Special topics

  7. Special topics • Purchases • Retail sales • Investment • Government • Decomposing impacts • Industries • Tourism • Construction

  8. Tourism • Need detailed industry information • Need retail margins • Concerns with short-term events

  9. New advertising campaign • Final-demand change • $21.5 million in new tourist spending • Final-demand industries • Lodging, meals, entertainment, etc. • Final-demand region • Branson, Missouri, µSA

  10. Tourist purchases

  11. Retail margins

  12. Earning impacts Margins

  13. Construction • Recommend bill-of-goods method • Broad range of activities • Specialized, non-local labor • Special considerations • Subcontracting: Separate out labor costs • Banking services: About 2 percent of loan value

  14. Highway construction • Final-demand change • $100 million contract • Final-demand industry • Construction • Final-demand region • Greensboro, North Carolina, MSA

  15. Intermediate inputs

  16. Local supply conditions

  17. Retail margin: Stone mining

  18. Output impact Production cost Gravel Special fuel

  19. Thank you Ian Mead, Ph.D. Chief, Regional Product Division Bureau of Economic Analysis Phone: 202-606-9661 E-mail: ian.mead@bea.gov

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