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Economic Forecasting Software Development Plans for 2011

The 2011 development plans for our economic forecasting software include updating trade flow parameters, adding map/diagram view, converting base year to 2005, expanding results, and more. Expected releases in Spring and Fall 2011. Enhancements such as expanded results and forecast tools will be added.

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Economic Forecasting Software Development Plans for 2011

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  1. Development Plans for 2011

  2. TranSight v3.2 • Update Trade Flow parameters • Add Map/Diagram View of model to assist in finding policy variables and result items • Convert real $ base year from 2000 to 2005 • Add New Report feature (initial version) • Expected release date, Spring 2011

  3. PI+ v1.3 • Re-estimation of Key Equations • Expanded Results • Expanded Forecast Update Tools • Expected release date, Fall 2011

  4. PI+ v1.3 • Re-estimation of Key Equations – Researching new parameters, not sure of implementation • Investment (Residential and Non-Residential - last done February 2001) • Housing Prices (national elasticities – last done September 2001) • Migration (last done July 2002) • Participation Rate Elasticities by major age groups – last done in 1996 • Recently Done • Housing Prices (regional scaling factors added, August 2007) • Personal Consumption Expenditures (August 2008) • State and Local Government Expenditures (July 2008) • Compensation/Wage/Earnings Rates (July 2009) • Economic Geography (demand price elasticities, transportation cost elasticities, distance decay parameters (May 2010)

  5. PI+ v1.3 • Expanded Results • Ability to generate “Quick Reports” which highlight major differences across regions or scenarios • History feature that would make it easier to navigate back and forth (such as a favorites or most recently viewed list) • Focus finder (filter) that automatically focuses results on variables most affected (largest changes) • Create Report templates based on items of most interest • Unit conversion • NAICS labels

  6. PI+ v1.3 • Expanded Forecast Update Tools • Demographic Update • National Macroeconomic and Employment Update Integration • Pivot Table Option for Employment Update Inputs

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