AEDI Economic Research and Statistical Analysis economists offer a wide range of economic and statistical analysis tools and methodologies. They maintain a large-scale econometric model of the Arkansas economy in combination with U.S. macroeconomic forecast services. The state economic model includes economic and industry components for employment, wages, personal income, housing, and gross state product by sector. The economist study the spatial distribution of economic activity within Arkansas and surrounding states. They also focus on topics related to urban and regional economic development and growth issues.
The research unit operates a variety of impact analysis and policy simulation models for use with assessing project economic benefits and for evaluating the economic impacts of different policies and programs. Policy impact studies use the REMI Policy Insight model, Regional Economic Models, Inc., which is the leading forecasting and policy analysis model for “what if…?” questions concerning policy initiatives. The unit’s economic impact studies rely on the Implan software (IMPLAN, L.L.C.). This system is a detailed database and impact analysis tool that enables an extensive examination of county and multicounty regions.
The team compiles and publishes publications on the status of personal income and other economic indicators at the state, county, and regional levels. Related to these publication efforts is an extensive array of internal databases and data contacts of interest to researchers, developers, and planners. The team provides advice, guidance to corporate, and government planners in addition to discrete research studies by request.
Other areas of economic studies and capabilities include local option sales tax projections, related background research for revenue bond issues, and cost-benefit analysis.
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