Economic Impact and Analysis Reporting
What is the economic impact of programmatic work from state and federal agencies and what are the challenges to measuring impact? The task of measuring such impact involves working with large data sets that can tease out the impact on the number of jobs, increased incomes, and value added to local areas.
Optimal Solutions Group's Revelo™ software now has Economic Impact Analysis and Reporting. Using the Department of Commerce/Bureau of Economic Analysis RIMS II input-output model, Revelo assesses the inflow of economic activity brought on by an agency's programmatic work.
Input/output analysis is the gold standard in economic impact measurement. Using the RIMS II regional input/output model, Revelo measures the employment, earnings, value added, and total economic output.
Revelo's analysis focuses on four measures of economic impact:
- Output - or the value of the goods and services produced by the nation's economy;
- Employment - the total number of full and part time jobs in all industries;
- Earnings - represent the total change in local household earnings occurring as a result of the change in production. In RIMS II, earnings exclude personal contributions to social insurance programs, such as Social Security and Medicare, and employee pension plans; and
- Value-Added - is the total value of income generated from production or the contribution of an industry or sector to the gross domestic product (GDP).
Revelo generates four estimates of the economic impacts associated with the HUBZone program:
- Direct Impact - Change in economic activity resulting from the initial round of inputs purchased by
the final‐demand industry;
- Indirect Impact - Change in economic activity resulting from the subsequent rounds of inputs purchased by industries affected by a final‐demand change;
- Induced Impact - Change in economic activity resulting from the changes in spending by workers whose earnings are affected by a final‐demand change; and
- Total Impact - The sum of direct, indirect and induced impacts.
The all-in-one tool
The unique ability of Revelo to measure economic impact sets it apart as a large data management tool. This tool uses data science, machine learning, and robotic processing automation to facilitate the work. The package comes with easy-to-use data visualizations. Finally, agencies can repurpose previously purchased BEA multipliers.