BEA to Release Modified Regional Input-Output Model in 2015
The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II). Cost savings will be realized because the modified model will be updated less frequently.
Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.
However, the modified model will be updated with new input-output (I-O) data only for benchmark years. That is -- years ending in 2 and 7. The modified model will become available to customers in 2015 and incorporate 2007 benchmark I-O data and 2013 regional economic data.
Last year, as a result of budget sequestration and reduced funding levels, BEA discontinued updates to RIMS II. Orders for RIMS II multipliers, however, have continued to be accepted because the cost of fulfilling these orders is covered by a nominal processing fee.
After investigating ways to continue to meet the analytical needs of our customers but do so at a lower cost to BEA, the bureau decided to make a modified economic model available. Until the modified model is available in 2015, customers may continue to buy RIMS II multipliers.
What are RIMS II multipliers?
RIMS II input-output multipliers show how local demand shocks affect total gross
output, value added, earnings, and employment in the region.
How much do multipliers cost?
You may order RIMS II multipliers for any region or for any RIMS II industry.
Multipliers may be ordered for any region that consists of one or more contiguous
counties at a cost of $275 per region. For each region that you order, you will
receive Type I and Type II final-demand
and direct-effect multipliers for all the RIMS II industries in the region. Note:
Multipliers for each county or state within the region will not be provided.
State-level multipliers may be ordered for any RIMS II industry at a cost of $75
per industry. For each industry that you order, you will receive Type I and Type II final-demand and direct-effect multipliers
for all the states and the District of Columbia.
What industry detail is available?
- Annual series. These multipliers are available for 62 aggregated industries
(PDF). Multipliers from this series are based on more current but
less detailed national
annual input-output data.
- Benchmark series. These multipliers are available for 406 detailed industries
(PDF) and for the same 62 aggregated industries that are provided in
the annual series. Multipliers from this series are based on more detailed
but less current national
benchmark input-output data.