Minnesota Implan Group has developed an economic impact modeling system called IMPLAN, short for “impact analysis for planning”. The IMPLAN model is a method for estimating local economic multipliers within 440 sectors that are recognized by the United States Department of Commerce. These multipliers can be applied to various location-specific scenarios to project the direct, indirect and induced impacts on output, employment and labor income.
In addition, the U.S. Department of Commerce, Bureau of Economic Analysis has developed the Regional Input-Output Modeling System, or RIMS II – as a method for estimating regional multipliers for impact analysis in output, earnings, and employment. RIMS II multipliers are based on national benchmark input-output data and regional data for nearly 500 specific industries, categorized by NAICS code.
IMPLAN and RIMS II modeling systems are widely accepted as the industry norm in projecting economic impacts. Nelson, Pope & Voorhis personnel have received formal IMPLAN training through the Minnesota Implan Group, and are just as experienced in utilizing the RIMS II modeling system. The possession of these qualifications allow for reliable projections of economic impacts for a multitude of project types.