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v1.3 Major Changes

v1.3 Major Changes. Major Economic Data Sources. BEA Local Area Personal Income and Employment county data (2001-2009), 04/21/2011 release.

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v1.3 Major Changes

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  1. v1.3 Major Changes

  2. Major Economic Data Sources • 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.

  3. Major Demographic 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).

  4. Major New Features • 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

  5. New Migration Equation/Response • 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

  6. Estimates of Migration Equation Parameters

  7. New Investment Response • Last estimated February 2001 using 1974-1998 data • New equation based on 1995-2007 data

  8. New National Housing Price Response • 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

  9. Estimates of U.S. Housing Price Elasticities

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