New NAICS-based economic model developed
LEAMgroup is pleased to introduce a new economic model to the East-West Gateway Council of Governments for the St. Louis region. This new model utilizes the North American Industry Classification System (NAICS). Though the NAICS system has been in place for the last decade, the full migration from the old Standard Industrial Classification has taken some time, mainly because of the lack of a clean translation between the two systems.
LEAMecon is an integrated econometric and input-output model and is used to project growth in population, regional labor force, employment by sector, wages, and gross regional product (GRP), to name a few. LEAMecon is most powerful in measuring impacts to the regional economy based on different scenarios of investment and policy. For example, LEAMecon has been used in the past to measure the impact to the GRP and labor force as a result of major infrastructure improvements and policies that would encourage compact, multi-nodal regional development.
Read more about LEAMecon here.