1. REMI TranSight®

2. 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

3. 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

4. TranSight® Structure

5. 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

6. How a REMI TranSight Simulation Works
Alternative Forecast
Goethals Bridge Impact
Control Forecast

7. 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)

8. 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

9. 3) What Is the Output of TranSight®?
All major economic and demographic effects

10. 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

11. 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

12. 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

13. 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

14. 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 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

15. 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

16. 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
“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;

17. 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.

18. 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.

19. 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.

20. 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?

21. Employment rises…

22. …delivered prices fall…

23. …industry production costs fall…

24. …business and consumer access to commodities rises…

25. …industries have access to a larger labor force…

26. …industries have access to a more diverse labor force…

27. …and Gross Regional Product rises.

28. Shares of GRP by Major Sector (2015)

29. Shares of GRP by Major Sector (2035)

30. 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

31. 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
“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.

32. Transight™ Structure Complex