On September 26, 2012, The Council for Community and Economic Research (C2ER) and the Labor Market Information Institute (LMI) co-hosted the webinar titled, “Getting the Most Out of RIMS II.”
Bureau of Economic Analysis (BEA) economists Zoë Ambargis and Ian Mead led the webinar, which focused on how to employ best practices when using the model’s output and how to archive the model’s results. The Regional Input-Output Model (RIMS II), which is maintained by the BEA, is commonly used to estimate how an initial change in economic activity, such as an increase in exports of a local business, will affect the spending and hiring decisions of other local businesses. In addition to covering background information and a key portion of the lecture was spent on demonstrating how to download and save multipliers.
This was an important and timely discussion for the EB-5 industry, as the BEA plans to discontinue the RIMS II program effective September 30, 2013 as a result of sequestration and reduced funding levels. A final decision on the future of the program depends on the outcome of the federal budget proposals for Fiscal Year 2014. President Obama’s budget proposal includes the funding, but the federal government has been operating on “continued resolutions” for years now – making a comprehensive budget unlikely, particularly as Congressional fights over the existing “continued resolution” escalate towards a potential government shutdown. Should funding be restored, the Bureau plans to reinstate the RIMS II program as quickly as possible.
IIUSA will monitor this situation closely and update you on any decisions as soon as they occur.