Chips and Jobs: Economic and Fiscal Impacts of the Micron Facility in Upstate New York

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In 2022, President Biden signed the CHIPS and Science Act, which allocated billions of dollars to make the United States more competitive in nanotechnology, strengthen the supply chain, and support research and development, creating job opportunities and allowing the U.S. to be more independent. Part of this funding went towards providing incentives to Micron Technology to build a $100 billion semiconductor factory in New York State. On behalf of the state, REMI used Tax-PI to project the economic and fiscal impacts of this investment through 2055.

We will show projections of the direct economic effects of the facility, the associated indirect effects via the supply chain, and the induced effects from increased consumer spending, additional investment, and other sources. We will illustrate how this newly generated economic activity expands the tax base and generates higher revenues at the state and local levels, and we will discuss the benefit-cost analysis that compared these fiscal benefits against the state’s incentive offerings.

Overall, this study highlights the potential economic and fiscal benefits of expanding the semiconductor manufacturing industry in New York, offering valuable insights for policymakers and their constituents in shaping future economic development strategies for the state.

Modeling the Economic Impacts of Online Sports Betting

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Online sports betting has generated a significant amount of tax revenue for the states that have legalized it in the United States. 37 states have legalized online sports betting, and each year the industry grows dramatically. From 2021 to 2022 there was almost a $1 billion increase in state tax revenue from gambling, bringing it to $1.5 billion for the year nationally (sportshandle.com). In areas where online sports betting has not been legalized, illegal gambling can be accessed that results in a loss of potential tax revenue for that state.

In this webinar, Julian, Owen, and Daniel, will discuss the positive and negative outcomes of online sports betting legalization using REMI Tax-PI as a base for their economic analysis. They will use the state of Florida as a case study, where online sports betting is not currently legal but is currently a topic of discussion. We encourage anybody with an interest in sports betting, tax policy, or revenue and budget forecasting to attend this webinar.

Modeling the Economic Impact of Truck-Only Lanes

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Transportation and warehousing are major industries to the United States economy. Trucking has been one of the most common jobs in the nation for many years, and the industry continues to grow, causing a higher proportion of trucks on the highway. From 2020 to 2021 there was an 18% increase in fatal crashes involving large trucks. Introducing truck-only lanes could make trucking an even more effective method of transporting goods and increase safety on the highway.   

In this webinar, Anthony and Scott will use REMI TranSight to model the economic impacts of truck-only lanes. They will explain the pros and cons of policy decisions to create truck-only lanes, focusing on economic factors like employment, income, population, and more. They will demonstrate how TranSight can be used to model a project’s long-term rippling economic impacts rather than just the direct impacts. We encourage those interested in supply chain logistics, economics, and transportation to attend this webinar. 

Carbon Tax: Economic, Climate, and Demographic Implications

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Carbon taxes are designed to curb the most polluting economic activities, incentivize polluters to transition to alternative fuel sources, and fund sustainable projects. By internalizing otherwise external costs of production, heavy polluters can contribute directly to keeping the atmosphere clean and mitigating the greenhouse effect. Join us for an insightful webinar as we delve into evaluating the economic, climate, and demographic impacts of a carbon tax. In this webinar, we will explore existing policy, the theory underpinning them, and utilize REMI’s E3+ model to demonstrate the tangible effects of implementing a carbon tax on various economic factors, exploring the real-world implications on employment, GDP, and industry growth.   

Through a comprehensive analysis, we aim to shed light on the challenges of carbon tax implementation, the potential benefits and costs, and provide attendees with the knowledge needed to navigate this vital topic to pursue a sustainable future. This webinar is ideal for anybody interested in learning more about carbon taxes and their effects, as well as anybody interested in modeling the economic and environmental impacts of policy. 

Modeling Regional Impacts of Affordable Housing

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Housing access is an essential component of daily life, yet issues in housing are at the forefront of current policy considerations. Today, there is a deficit of an estimated 7 million affordable housing units across the U.S. For those able to more easily afford housing, the average sales price has increased from $383,000 in 2020 to $516,500 at the beginning of 2023, an increase of nearly 35%, falling from a historic high of $552,600 at the end of 2022. This has, in turn, also impacted rental prices, with the average increasing 18% between 2021 and 2022. As a result, the average rent-to-income ratio for renters stands today at 45% – a massive increase from 22.85% in 2012.

In this webinar, Jack Hausler and Aniruddh Ajila will outline how various factors, including market forces, industry activities, and zoning regulations, have contributed to historical and recent housing pricing trends. Using the REMI PI+ model, they will investigate the benefits and costs of possible policy responses to these trends.