v1.3 Major Changes

BEA Local Area Personal Income and Employment county data (2001-2009), 04/21/2011 release.

Estimates of detailed employment and wage data for the states of Michigan, Nevada, and Texas (2001-2009) was provided by Don Grimes of the University of Michigan.

BEA State Personal Income and Employment state and national data (1990-2009), 03/23/2011 release.

BLS Employment Projections national data (1993-2008 and 2018), 12/11/2009 release.

RSQE national forecast (2010-2013), 06/30/2011 release.

Major Economic Data Sources

BEA Local Area Population county data (1990-2009), 04/21/2011 release.

Census Population by age, sex, race, component of change county data (1990-2009).

BLS Labor Force county data (1990-2009). CDC birth rate state data (1990-2008). Census natality rate, survival rate, and net

international migrant national data and forecast (1999-2100).

BLS Participation Rate national data and forecast (1990-2050).

Major Demographic Data Sources

Forecast period extended to 2060 Integrated Custom Industry policy variables New Regional Population Update Improved data handling for Employment

Update Calculator enhancements New Custom Units and Currency Types in

results view New industry NAICS labels New Demographic policy variables

Major New Features

Last estimated July 2002 using 1972-2000 data and a standard OLS regression approach

New equation estimates separate responses for relative employment opportunity and relative real compensation rate, utilizing Instrumental Variable (IV) approach and data from 2001-2008

New Migration Equation/Response

Estimates of Migration Equation Parameters

  New Previous

  (for PI+ v1.3)(from July 2002 work)

Relative employment opportunity (REO) 0.303 0.280

Relative real compensation rate (RWR) 0.412 0.280

Last estimated February 2001 using 1974-1998 data

New equation based on 1995-2007 data

New Investment Response

  New Previous

  (for PI+ v1.3)(from February 2001 work)

Residential Investment in Structures 0.128 0.097

Non-Residential Investment in Structures 0.064 0.070

Last estimated September 2001 using 1971-1998 data

Regional scaling factors estimated September 2007 using data from 1998-2004

New equation based on data for 1998-2004, intentionally aligning with previous regional scaling factor estimates, and avoiding recent housing price bubble and collapse

New National Housing Price Response

Estimates of U.S. Housing Price Elasticities

  New Previous

  (for PI+ v1.3)

(from September 2001 work)

Real Disposable Income Elasticity 0.211 0.322

Population Elasticity 0.548 0.429