Rural economies typically do not measure their economy. This makes it nearly impossible to use data to set economic development goals and strategies. Through Vital Economy, the 3 states of Northern New England sought our advice on a model to measure the impact of competing economic strategies.
InterVISTAS developed an Excel-based economic impact model built on Bureau of Economic Analysis employment and earnings data. Projections are driven by BEA multipliers to estimate direct, indirect, and induced changes in employment, earnings, GDP and output. Users can define counties, states, or regions and industries of interest. Users can also compare various development scenarios. The model estimates changes based on capital investment and increases or decreases in employment by industry.
Users throughout the 3-state region have been able to target certain industries for growth, based on sound data and analytic methods. We update the model annually for a modest fee (e.g., based on updated jobs and inflation data).