University of Houston announced Tuesday that Robert W. "Bill" Gilmer, Ph.D., has been appointed as the new executive director of the University's Institute for Regional Forecasting.

Gilmer served as a senior economist and vice president in charge for the Federal Reserve Bank of Dallas most recently.

"Bauer and the University of Houston play a very important role in the city's economic picture," Gilmer said.

"I'm excited to join the college as executive director of the IRF and look forward to focusing on Houston's unique business cycle, driven by the U.S. economy, oil and global growth."

Earlier, the university's C. T. Bauer College of Business had expressed its intention of adding the forecasting institute to its range of centers and institutes and now with the announcement of executive director, the proposed project seems to be taking shape rapidly.

"The integration of the Institute for Regional Forecasting into the Bauer College will add to the resources that we are able to provide the Houston business community," said Dean Latha Ramchand.

"With Bill at the helm, the institute will continue to provide the quality information on the Houston economy it has become known for and complement the college's existing portfolio of industry expertise."

In his earlier position, Gilmer oversaw the Federal Reserve operations in West Texas and southern New Mexico, including annual shipment and receipt of over $10 billion in cash to regional banks.

Moreover, he gave 40 to 50 speeches or public presentations per year on regional economic conditions while he served as senior economist in the organization's research department and co-managed the 11th District regional economic research.

The university is extremely hopeful that Gilmer will be the right fit to the economic forecasting institute.

The IRF was previously housed within the university's Hobby Center for Public Policy (HCPP). The institute was founded in the mid-1990s and led by now professor emeritus Barton Smith, who helped to shape its signature programming and economic forecasts.

The establishment of the institute was a major achievement to the university, through which not only local and national analysts, but also the Houston community got to easily understand what made the economy of Houston work.