You are here[HOT] BEA's Recent Announcement Regarding RIMS II

[HOT] BEA's Recent Announcement Regarding RIMS II


By eb5attorney - Posted on 11 July 2014

BEA announced the following recently:

"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 two and seven. The modified model will become available to customers in 2015 and incorporate 2007 benchmark I-O data and 2012 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."

I wonder if this means it's more advantageous or simpler to use RIMS II now?