Highlights:
The Regional Input-Output Modeling System (RIMS II) can quantify the economic impact of a project on a surrounding region.
As the RIMS II was developed by the United States Bureau of Economic Analysis, the tool provides authoritative estimates.
ProfVal.com offers a RIMS II multiplier service to quantitatively demonstrate the economic implications of an endeavor, thus providing evidence of the national interest implications associated with the formation of a business.
What is the RIMS II economic model?
The U.S Bureau of Economic of Analysis (BEA) is an independent federal agency within the U.S. Department of Commerce that provides statistical and economic assessments of economic indicators “that directly affect decisions made by policy makers, business leaders, and the American public” (U.S. Department of Commerce).
The BEA developed the RIMS II economic model as a tool to enable decision makers to estimate the cascading effects resulting from a project on the surrounding regional economy. At its core, RIMS II is based on an input-output analysis, a method for understanding the intricate relationship of different sectors of an economy.
“The idea behind the results of RIMS II is that an initial change in economic activity results in other rounds of spending.” - (Bureau of Economic Analysis)
The model is based on data gathered by the BEA, including information about industries, commodities, and regional economies. RIMS II uses advanced mathematical algorithms to produce multipliers that indicate how changes in final demand (such as higher consumer spending or government investment) influence the whole economy of a specific region within the United States.
The Importance of RIMS II Assessments
When policymakers, elected authorities, economists, investors, and companies need to understand the economic implications of a project on the surrounding region, the Regional Input-Output Modeling System (RIMS II) provides an authoritative quantitative assessment to guide their decisions.
For decision makers, a RIMS II assessment can be utilized in a variety of ways. It could help justify whether government investment in a new factor would create jobs in a region based on the factory’s expected output, or it could help a business understand which downstream industries would likely see the greatest benefit as a result of its work. Moreover, business owners could use RIMS II data to determine which geographic areas would benefit most from their work, helping inform business location.
RIMS II in EB-1, EB-2 NIW, and E-2 Petitions
As part of an immigration petition, it is important to characterize the impact of business’ activities.
Describing direct impact of a business is difficult to do, but easy to understand; one could discuss the jobs created via the business itself or estimate the tax revenue that the business’ sales would generate.
Characterizing indirect impact can be more difficult. One could cite statistics showing the transformative effect of small businesses on the economy. For example, research demonstrates that “[O]f the new jobs created between 1995 and 2020, small businesses accounted for 62%—12.7 million compared to 7.9 million by large enterprises” (Forbes). Thus, small businesses like those often associated with EB-1, EB-2 NIW, or E-2 petitions would likewise produce jobs that improve the U.S. economy.
These are valuable arguments and they, or similar arguments, could be used to demonstrate the impact and national importance of an endeavor. In fact, ProfVal's team includes this type of analysis in our Business and Professional Plans. An EB-1 Expert Opinion Letter or an EB-2 NIW Expert Opinion Letter from a distinguished expert within ProfVal's community may provide additional evidence clarifying whether or how a petitioner is qualified to succeed in their endeavor in ways aligned to their visa petition.
A RIMS II analysis goes a step further.
At ProfVal.com, we use current RIMS II multipliers to develop unique and customized RIMS II assessments as an add-on to our Immigration / Visa Business Plans that show the cascading effects of a petitioner's planned new business on the regional economy, thus providing authoritative evidence documenting the national implications associated with the formation of a business.
Based on having reviewed thousands of RFEs, we designed our RIMS II assessments as an add-on to our Immigration Business Plans to do the following:
Enhanced Credibility: The data used within a RIMS II assessment is built from statistical data and economic estimates developed by the United States Bureau of Economic Analysis, a division of the US Department of Commerce. As government entities, businesses, and other decision makers rely on this data, the data is highly authoritative.
Strategic Decision-Making: RIMS II evaluations provide useful information for strategic decision-making.
Customized Solutions: We recognize that every client's immigration experience is unique. That is why we provide individualized RIMS II assessments based on their unique circumstances and goals.
Variations of RIMS II
While ProfVal's RIMS II assessments provide a standardized framework for economic analysis, we provide variations to the model to meet diverse geographical conditions and research objectives:
Geographic Scope: RIMS II models are available across multiple geographic scales, from individual states to metropolitan areas and counties. This flexibility enables ProfVal to focus its analyses on specific areas of interest.
Industry Detail: Depending on the research need or data availability, ProfVal can select different degrees of industry detail inside the model. RIMS II analyses can characterize an industry’s impact across the whole nation or explore the indirect and induced economic impact of business activity within a specific region.
Overall, ProfVal's RIMS II evaluation is a valuable instrument for understanding the complex dynamics of regional economies.
When added to an Immigration Business Plan from ProfVal, a RIMS II evaluation is a valuable instrument for understanding the complex dynamics of regional economies.
By measuring the interconnection of industries and sectors, it enables us to design successful business strategies and encourage sustainable development while characterizing the extended impact of a business’ activities. Understanding its relevance and variations is important to maximizing its potential in addressing current complex economic challenges.
See related Services
Expert Opinion Letters (EB-1, EB-2 NIW, H-1B, H-3, L, O, Work Experience, and Other)
Immigration Business Plans (EB-1, EB-2 NIW, E-2, and L-1)
Professional Plans (EB-1, EB-2 NIW, E-2, and L-1)
Key Support Documents (resume, support letters, and other professional editing activities)