Posted on September 16, 2009 6:48 AM
Evaluating Impacts of ARRA, Reporting Requirements (9-16-09)
Economic Impact of ARRA – First Quarterly Report by the Council of Economic Advisors
On Thursday, September 10, 2009, the White House Council of Economic Advisors released its first quarterly report on the economic impact of ARRA in its first sixth months. Estimates are still preliminary, as only 35.5 percent of the $787 billion has been spent or obligated, along with $151.4 billion in tax cuts. (Track how the stimulus is being spent at ProPublica.)
The council's report estimates that ARRA added approximately 2.3 percentage points to real GDP growth, and that more growth is likely. They also estimate that more than one million jobs in August would not otherwise have existed without ARRA and other policy actions. ARRA has had noticeably stronger effects for jobs in manufacturing, construction, retail trade, and temporary employment services. The report states that ARRA has sustained or created 50,400 jobs in Illinois. The stimulus has created or saved 77,470 construction jobs, according to Reuters, with Illinois accounting for almost a fifth of the total with 15,388 jobs.
Though the council estimates that the trajectory of the economy has changed based on the behavior of the GDP and employment, more accurate analysis can be completed beginning in October when recipients of state fiscal relief grants and government investment spending through ARRA will begin to report on job retention and creation, as well as their progress.
Recipient Reporting – Helpful Resources
ARRA grant reports are due in October. Recipients are expected to report on how they have allocated funds and job creation between October 1 and 10 at FederalReporting.gov. Pre-registration opened August 17, and grant recipients can begin reporting now. Registration is required of all direct recipients and sub-grantees where applicable and may take up to two business days or more to complete. If work funded by ARRA has been sub-contracted to other organizations, it is the responsibility of the prime recipient to track and monitor reporting that has been delegated to sub-recipients. Reporting should date from when the money was awarded through September 30. Starting on October 11, the public will be able to view reporting data on Recovery.gov.
Recovery.gov provides a wealth of reporting tools, including: