REMI TranSight®.

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Presentation transcript:

REMI TranSight®

Presentation Overview TranSight Overview 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 TranSight Policy Insight The TranSight modeling system incorporates TranSight and Policy Insight TranSight Policy Insight Travel demand model EDFS-70 Policy variables EDFS-70 Project and region specific data Transportation “What Ifs” 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: Age/Gender/ Cohort Variables: Employment Personal Income Transfer Payments Taxes Price Index Real Disposable Income Output and Gross Regional Product Population Migrants Labor Force

REMI TranSight® 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 TranSight® Unique? 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 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)

Shares of GRP by Major Sector (2035)

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. Sample report

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