Analysis Using Policy Insight & TranSight June 16, 2015

2 Topics >About REMI >Background of the Model > Model Structure and Features > Applications & Case Studies

3 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)

4 My Responsibilities  Marketing  Technical Support  Consulting  Client Support  Training

5 The REMI Model  Policy Insight  TranSight  TranSight/Airports  REMI Consulting Inc. REMI provides customized tools and services for a comprehensive evaluation of the total economic and demographic impact:

6 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

7 Forecast information  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)

8 The REMI Approach Control Forecast Alternative Forecast

9 Model Structure Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Profits

10 Policy Insight Linkages

11 Policy Insight EG Linkages

12 Types of Models, Geography

13 Dynamic Properties Methods  General equilibrium tendencies  Adjustment time paths  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

14 Integrated Approach The REMI model integrates key aspects of several economic modeling tools: ModelAspect > I/OInter-industry processing sector > CGEEquilibrium tendencies in factor and material input markets > EconometricEstimates derived from panel data > Economic Geography Labor and product agglomeration

15 NAICS Classification Options  23* sector2 digit BLS NAICS  70* sector3 digit BLS NAICS  169* sector4 digit BLS NAICS  * includes four non-private sectors:  Farm  S/L Government  Federal Civilian  Federal Military

16 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 Farm

17 Representative Clients  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  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 Our Broad and Diverse Client Base Includes: State Departments, Academic Institutions, Regional Planning Councils, Federal Regulatory Agencies and Consulting Firms

18 Examples of Analysis  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

19 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

20 Demonstration  Demonstration of Policy Insight  Forecast  Simple Impact  TranSight  Flow Chart  Corridor Analysis Example  Q & A

21 Comparison of Models TranSightPolicy Insight > Transportation “What If’s” > General “What If’s” > Forecasting Transportation demand model Project and region specific data EDFS-70 Policy variables EDFS-70

22 TranSight Structure

23 TranSight Detailed Process Chart

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