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Analysis Using Policy Insight & TranSight June 16, 2015
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2 Topics >About REMI >Background of the Model > Model Structure and Features > Applications & Case Studies
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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)
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4 My Responsibilities Marketing Technical Support Consulting Client Support Training
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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:
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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
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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)
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8 The REMI Approach Control Forecast Alternative Forecast
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9 Model Structure Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Profits
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10 Policy Insight Linkages
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11 Policy Insight EG Linkages
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12 Types of Models, Geography
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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
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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
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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
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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
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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
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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
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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
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20 Demonstration Demonstration of Policy Insight Forecast Simple Impact TranSight Flow Chart Corridor Analysis Example Q & A
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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
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22 TranSight Structure
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23 TranSight Detailed Process Chart
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Jonathan Lee Regional Economic Models Inc +413.549.1169 jon@remi.com © Copyright 2006 Regional Economic Models Inc. All rights reserved. Contact
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