Frequency of Updating IMPLAN Data
In general, we leave this up to you. The multipliers are based on the structure of the economy of the year of the data. If you determine that the data year you have is an accurate representation of the current economy, then there is no need to update and purchase a more recent data year.
IMPLAN Does recommend updating your data in response to the following situations:
- A significant change in the local structure of the economy. Not all changes in local economies will be as obvious as an impact resulting from, for example, a nature disaster, like New Orleans before and after Hurricane Katrina. In many cases, economic changes result from growth in a subsector or even the introduction of new industries. The multipliers are based on the structure of the economy, whether an industry exists, and the relationships of the demand and supply of commodities. Due to increases in foreign imports, Output Multipliers typically decrease in size somewhat over time. Likewise, as productivity increases, this also indicates decreased employment needs per dollar of output.
- Release of a BEA benchmark. When the BEA releases a new benchmark, IMPLAN follows suit and introduces those new underlying sets of industry production functions. The economy and technology are constantly changing. When new BEA benchmarks are introduced, new industries are likely as well. If you wish to keep current with the BEA benchmark when reporting your analysis, a recent purchase of that data region is necessary to maintain consistency.
- Increased scrutiny of the project using the data. The more exposure an analysis has to the public, particularly a controversial proposal with an opposing side, the more politically important it is to use "the latest data".