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REMI TranSight®
Presentation Overview
• TranSight Overview
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1) What does REMI TranSight do?
2) What does the user need to provide?
3) What is the output of TranSight?
4) What are the uses of the output?
5) What makes TranSight unique?
TranSight Demonstration
®
TranSight
System
The TranSight modeling system incorporates TranSight and Policy Insight
TranSight
Policy Insight
Travel
demand model
EDFS-70
Project and region
specific data
• Transportation “What Ifs”
Policy
variables
EDFS-70
• General “What Ifs”
• Forecasting
TranSight® Structure
1) What Does REMI TranSight Do?
TranSight predicts the “Total Economic” and “Demographic
Effects” of transportation improvements such as:
•Major Economic Component
•Industry Sectors
•Job Type
•Disposable Income
•Age, Sex and Race
How a REMI TranSight
Simulation Works
Alternative
Forecast
Goethals Bridge
Impact
Control
Forecast
2) What Does the User
Need to Provide?
Project-Specific Information
(Note: TranSight uses output from
Tranplan, TransCAD or other travel
demand models)
All Other Economic and Demographic Data
are Built into the TranSight Model –
Specific To The Defined Region (such as
Mississippi Development Districts – as
single counties or groups of counties)
Project-Specific Information
• Estimates from Tranplan or other travel
demand model (e.g. VMT and VHT)
• Construction expenditures
• Funding source information (federal, state,
local percentages)
• Optional: adjust REMI default data
3) What Is the Output of
®
TranSight ?
All major economic and
demographic effects
®
TranSight
Simulation
Results:
Overall Effects for:
•
Employment
•
Personal Income
•
Transfer Payments
•
Taxes
•
Price Index
•
Real Disposable Income
•
Output and Gross Regional
Product
Age/Gender/
Cohort Variables:
Population
• Migrants
• Labor Force
•
®
TranSight
REMI
Results:
Variables by Industry
•Employment
•Intermediate Demand for
Employment
•Local Consumption
Employment
•Government Demand
Employment
•Investment Activity Employment
•Export Employment
•Relative Selling Price
•Relative Production Costs
•Fuel
•Capital
•Labor
•Relative Factor Productivity
•Labor Intensity
•Average Annual Wage Rate
•Employment Mix Index
•Demand
•Imports
•Self Supply
•Exports to Other Regions
•Output
•Value Added
•Wage and Salary
Disbursements
4) What Are the Uses of
the Output?
Ranking the most important projects
•
Informing decision-makers and the
public
•
Showing how jobs and incomes
depend on transportation
•
5) What Makes
Unique?
®
TranSight
TranSight is the ONLY widely available model to show
the total economic and demographic effects of
transportation projects
What are the alternatives?
•Simple Input-Output Model
Only shows construction and maintenance impacts, and ignores
dynamic effects over time
Advantages of
TranSight®
•Incorporates General Equilibrium Theory, Econometrics,
Input-Output Analysis, and the New Economic Geography in a
dynamic consistent system
• REMI has over 20 years of experience with regional policy
analysis and modeling, currently supporting over 100
installations, each with multiple uses
• Professional articles about all key elements of the model
have been peer reviewed in leading international and regional
economic journals
• Custom data for the region being modeled
Selected Clients
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Los Angeles MTA
Minnesota DOT
New Mexico DOT
Pennsylvania DOT
South Carolina
Michigan DOT
Wisconsin DOT
Virginia DOT
Georgia Southern University
Florida RPCs
Merrimack Valley Planning Commission
Louisiana DOT
TranSight® – Further Background
REMI has been involved in transportation planning and analysis for
20+ years. Below, a sample of papers available upon request:
•
An Evolutionary New Economic Geography Model”; Wei Fan, Department of
Economics, University of Michigan, Ann Arbor; Frederick Treyz and George Treyz,
Regional Economic Models, Inc; Journal of Regional Science, Vol 40, No. 4, 2000 pp.
671-695.
•
“Monopolistic Competition Estimates of Interregional Trade Flows in Services”,
Frederick Treyz and Jim Bumgardner; Regional Cohesion and Competition in the Age of
Globalization, June 2000.
•
“Productivity and Accessibility: Bridging Project-Specific and Macroeconomic
Analyses of Transportation Investments”, Glen Weisbrod and Frederick Treyz; Journal
of Transportation And Statistics, Vol. 1, No. 3, October 1998.
•
“NCHRP Report 463: Economic Implications of Congestion”; Glen Weisbrod, Donald
Vary, George Treyz; Transportation Research Board – National Research Council;
2001.
REMI
®
TranSight
First and foremost, REMI TranSight
integrates REMI Policy Insight®—the
world’s leading economic and fiscal
policy analysis and simulation model—
with the transport planning and travel
demand models used most often by
government and private sector planners.
REMI
®
TranSight
And because REMI Policy Insight® embodies the
latest research advances in economic geography,
REMI TranSight can show transportation planners
and policy makers the total economic effects of
new investments in highways, transit, airport
capacity, and other transportation infrastructure.
REMI
®
TranSight
In particular, REMI TranSight can quantify the
unique contribution transportation investments
make toward creating and expanding industry
clusters, some of the main drivers in diversifying
and sustaining regional economic development.
Example: Goethals Bridge
• Replacement of the 78-year-old Goethals
Bridge with new 6-lane bridge.
• Assume 34% increase in accessibility to
traffic for the bridge.
• What is the effect on the economies of New
York and New Jersey?
Employment
rises…
…delivered
prices fall…
…industry
production
costs fall…
…business and
consumer
access to
commodities
rises…
…industries have
access to a larger
labor force…
…industries have
access to a more
diverse labor
force…
…and Gross
Regional Product
rises.
Shares of GRP by Major Sector (2015)
Nat Res, Mining
0%
Other Services (excl
Gov)
Health Care, Social 12%
Asst
6%
Admin, Waste
Services
4%
Profess, Tech
Services
5%
Utilities
1%
Construction
4%
Manufacturing
14%
Wholesale Trade
7%
Real Estate, Rental,
Leasing
12%
Finance, Insurance
11%
Retail Trade
16%
Transp,
Warehousing
3%
Information
5%
Shares of GRP by Major Sector (2035)
Nat Res, Mining
0%
Other Services (excl
Utilities
Gov)
1%
10%
Construction
2%
Health Care, Social
Asst
8%
Manufacturing
15%
Admin, Waste
Services
3%
Wholesale Trade
8%
Profess, Tech
Services
6%
Real Estate, Rental,
Leasing
14%
Finance, Insurance
11%
Retail Trade
14%
Transp,
Warehousing
3%
Information
5%
Why REMI TranSight®?
• Integrating transportation with economic simulation models
requires a sound theoretical basis.
• REMI models are structurally complete, and built upon widely
accepted economic theory published in rigorously referred
academic journal articles.
• Yet the economic theory behind REMI TranSight is accessible to
any thoughtful person.
Why REMI
®
TranSight ?
REMI has been involved in transportation planning for years. Below, a
few examples (papers available upon request):
•
An Evolutionary New Economic Geography Model”; Wei Fan, Department of Economics,
University of Michigan, Ann Arbor; Frederick Treyz and George Treyz, Regional Economic Models,
Inc; Journal of Regional Science, Vol 40, No. 4, 2000 pp. 671-695.
•
“Monopolistic Competition Estimates of Interregional Trade Flows in Services”, Frederick Treyz and
Jim Bumgardner; Regional Cohesion and Competition in the Age of Globalization, June 2000.
•
“Productivity and Accessibility: Bridging Project-Specific and Macroeconomic Analyses of
Transportation Investments”, Glen Weisbrod and Frederick Treyz; Journal of Transportation And
Statistics, Vol. 1, No. 3, October 1998.
•
“NCHRP Report 463: Economic Implications of Congestion”; Glen Weisbrod, Donald Vary, George
Treyz; Transportation Research Board – National Research Council; 2001.
Transight™ Structure Complex