Transcript Answering the “What If . . . ?” Questions Facing Your Region

Analysis Using Policy
Insight & TranSight
July 6, 2015
Topics
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About REMI
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Background of the Model
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Model Structure and Features
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Applications & Case Studies
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About REMI
 Regional Economic Models Inc
> Model was developed through a Mass-Highways Grant
> REMI Established in 1980; based in Amherst, MA
> Extensive experience in developing economic and demographic
models for policy analysis
> REMI models have been built for numerous states and cities in the
US (NYC, Ohio, Los Angeles, Florida, all counties in Utah) and in
Europe (Venice, France, UK)
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My Responsibilities
 Marketing
 Technical Support
 Consulting
 Client Support
 Training
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The REMI Model
REMI provides customized tools and services for a
comprehensive evaluation of the total economic and
demographic impact:
 Policy Insight
 TranSight/Airports
 TranSight
 REMI Consulting Inc.
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Distinguishing Features of
the REMI Model
Structured
Incorporates a fully transparent robust economic model built on proven
methods and theory
Dynamic
Measures economic impacts and responsive demographic and economic
changes over time
Integrated
Fundamental elements like I-O models are integrated with advanced
Customized
Each model is custom built to accurately describe your region
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Forecast information
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Forecast Available from 2004 to 2050 (version 8)
Both Regional and National Forecast
Using variety of sources: BEA, BLS, Census, RSQE
Alternative Forecast ability to allow user:
 Update employment forecast
 Align to other source (ie: population, fiscal, changes since LHYR)
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The REMI Approach
Alternative
Forecast
Control
Forecast
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Model Structure
Output
Population & Labor
Supply
Labor & Capital Demand
Market
Shares
Wages, Prices, & Profits
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Policy Insight Linkages
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Policy Insight EG Linkages
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Types of Models, Geography
Customized Models Using Region Specific Data
Single Region Model
Single
Region
Model
Multi-Regional Model
(linkages among regions)
Region
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Region
2
Region
3
Gross Commuter Flows
Multi-region exports and imports
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Dynamic Properties
Methods
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General equilibrium tendencies
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Adjustment time paths
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Population growth and feedback effects
Input
Allows the user to setup a detailed simulation incorporating
different macroeconomic shocks over time to accurately
represent their economy
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Integrated Approach
The REMI model integrates key aspects of several
economic modeling tools:
Model
Aspect
> I/O
Inter-industry processing sector
> CGE
Equilibrium tendencies in factor and
material input markets
> Econometric
Estimates derived from panel data
> Economic
Geography
Labor and product agglomeration
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NAICS Classification Options
 23* sector
2 digit BLS NAICS
 70* sector
3 digit BLS NAICS
 169* sector
4 digit BLS NAICS
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includes four non-private sectors:
Farm
S/L Government
Federal Civilian
Federal Military
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Forestry, Fishing, Other
23 Industry
Sector
Mining
Utilities
Construction
Manufacturing
Wholesale Trade
Retail Trade
Transp, Warehousing
Information
Finance, Insurance
Real Estate, Rental, Leasing
Mngmt of Co, Enter
Admin, Waste Services
Educational Services
Health Care, Social Asst
Arts, Enter, Rec
Accom, Food Services
Other Services (excl Gov)
State and Local Government
Federal Civilian
Military
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Representative Clients
Our Broad and Diverse Client Base Includes:
State Departments, Academic Institutions, Regional Planning
Councils, Federal Regulatory Agencies and Consulting Firms
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EU Commission
ECORYS/ECOTEC (Ned.)
Los Angeles MTA
US EPA
Wilbur Smith Associates
Florida State University
City of Philadelphia
District of Columbia
New Mexico DOT
MIT
NESCAUM
University of Utah
ASU
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New York EDC
NIST
Louisiana DOT
Florida Legislature
IRPET (Italy)
Hawaii DBEDT
Urban Institute
RKG Associates
University of Lille (France)
NERA
Utah Governor’s Office
UNLV
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Examples of Analysis
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Best use of public funds
Evaluating multiple scenarios
Quality of Life issues
Private investment
Transportation: Transit, highway, freight
Energy
Legislative analysis
Industrial Investment
Residential Development
Natural Disasters
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Recent Studies:
 Corridor Analysis – Central Puget Sound
 Evaluating multiple scenarios
 Specific Funding attention
 Base Realignment and Closure related expansion: Fort Riley Kansas
 Local impacts increased military spending will have on localities
 All Housing Demand to be met by locality
 Still in the process
 Private investment
 Mining Operations in the Upper Peninsula
 Tax Policy Changes: Legislative Analysis
 Reducing Corporate Income Taxes to Attract Businesses
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Demonstration
 Demonstration of Policy Insight
 Forecast
 Simple Impact
 TranSight
 Flow Chart
 Corridor Analysis Example
 Q&A
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Comparison of Models
TranSight
Policy Insight
Transportation
demand model
EDFS-70
Project and region
specific data
> Transportation “What If’s”
Policy
variables
EDFS-70
> General “What If’s”
> Forecasting
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TranSight Structure
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TranSight
Detailed
Process
Chart
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Contact
Jonathan Lee
Regional Economic Models Inc
+413.549.1169
[email protected]
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Regional Economic Models Inc.
All rights reserved.