Economic Impact Analysis
Economic modeling using IMpact analysis for PLANing (IMPLAN©) software Version 4.0 is designed to be intuitive and simple, allowing the user to construct economic models without advanced knowledge of economic theory and national economic accounting principles. Advanced users are able to modify the model’s assumptions and make use of more sophisticated model building techniques. Basic users are able to easily construct impact analyses to suit the purposes of their studies.
The Regional Economic Impact Model (REMI) is a dynamic forecasting and policy analysis tool that incorporates the complete inter‐industry relationships found in input‐output models. REMI integrates input‐output, computable general equilibrium, econometric, and economic geography methodologies. The overall structure of the model can be summarized in five major blocks: Output, Labor and Capital Demand, Population and Labor Supply, Wages, Prices, and Costs, and Market Shares.
CBER has completed a number of economic impact analyses in recent years. Examples of these studies include:
- Economic Impact of the Big Sandy Superstore Arena (2013)
- Economic Impact of Business Development on Post-Mined Lands in West Virginia (2013)
- Economic Impact Study of the Clay Center for Arts and Sciences of West Virginia (2011)