» News

Virginia’s Potential Economic Outcomes Amidst the COVID-19 Pandemic

WTVR CBS 6 News Richmond published a recent article discussing the University of Virginia’s Weldon Cooper Center for Public Service’s latest report, “COVID-19 Economic and Tax Revenue Impacts: Estimates for the Commonwealth of Virginia and Localities.”

The article covers how the Weldon Cooper Center used the REMI PI⁺ model to produce two economic scenarios related to the impact of COVID-19 on the state of Virginia and its tax revenues, as well as highlights a few of the key results discovered in their analysis.

Bill Shobe, Director of the Weldon Cooper Center’s Center for Economic and Policy Studies, spoke with WTVR 6 about the intent of the study, saying, “Understanding the likely range of changes in income (GDP) and employment will help state and local government develop budget contingency plans that can reduce the overall costs of the economic emergency.”

You can read WTVR 6’s article by clicking here.

You can also access the full report produced by the University of Virginia by clicking here.

March REMI Washington, D.C. Policy Luncheon Cancelled

In order to comply with the interim guidance for coronavirus disease 2019 set out by the Center for Disease Control and Prevention, REMI will not be holding its monthly Washington, D.C. policy luncheon on March 26th.

We apologize for any inconvenience. We hope to be able to host a luncheon next month in Washington, D.C. Thank you for your understanding.

50-Plus: The Economic Activity of America’s Elders

A new study examining the considerable economic impact generated by Americans age 50 and older in 2018 that was completed by AARP and The Economist Intelligence Unit was recently covered by Forbes. The article highlights the illuminating key findings from the comprehensive analysis, as well as methods for businesses to adopt in order to better integrate this diverse community.

Researchers used the REMI model to project the Longevity Economy® Outlook, which stands as “a compelling call to action for business leaders, legislators and anyone who wants to better understand and serve this growing demographic.”

This assessment of the 50-plus population determined their share of the total U.S. gross domestic product, wages, salaries, and overall employment before compiling the results into numerous charts and graphs that further illustrate the expected impacts on the national economy.

Dr. Debra Whitman, AARP Executive Vice President and Chief Public Policy Officer, was quoted in the Forbes article as she discussed the necessary industry changes that must be made to positively affect the 50-plus and business communities.

“We find that marketplaces are not looking at older consumers or providing the products and services they need. This is too big to miss, and if businesses are not paying attention, they won’t be successful in the future economy.”

You can access the Forbes article by clicking here.

You can also access the full PDF of “The Longevity Economy® Outlook,” the report completed by AARP and the Economist Intelligence Unit by clicking here.

Building Up Energy Efficiency: Benefits of Section 179D

REMI’s report on the impact of adjusting the Section 179D deduction, “Analysis of Proposals to Enhance and Extend the Section 179D Energy Efficient Commercial Buildings Tax Deduction,” was featured in a recent article published by Bloomberg Tax exploring the positive outcomes of renewing the incentive.

The article outlines the history and intent of Section 179D as it highlights the financial and energy savings resulting from the deduction’s implementation. REMI’s analysis of the reduction in energy consumption among both the private and public sectors caused by the energy efficient commercial buildings deduction was then used to display the total anticipated yearly savings for both the private sector and the government.

Section 179D has been renewed several times since it first appeared in legislation back in 2005, and the most recent extension in December 2019 lends further evidence to the overall effectiveness of the deduction.

You can access the Bloomberg Tax article by clicking here.

You can also access the full PDF of “Analysis of Proposals to Enhance and Extend the Section 179D Energy Efficient Commercial Buildings Tax Deduction” by clicking here.

The 2019 REMI Annual Users’ Conference “Populism, Policy Analysis, and the Economy” October 16-18, 2019 Santa Fe, New Mexico

This year’s REMI Annual Users’ Conference, “Populism, Policy Analysis and the Economy,” was a thoroughly comprehensive and successful event. We would like to thank everyone who participated in our conference and we hope everyone enjoyed their time in beautiful Santa Fe!

Our event featured an impressive assortment of guest presenters from all over the country providing informative discussions on a variety of timely public policy topics. We had a great collection of panels and thought-provoking Q&A sessions.

We also awarded three groups of authors with the George I. Treyz Award for Excellence in Economic and Demographic Analysis for their detailed research and careful analysis. The winners were as follows:

Gold

Earnings, EITC, and Employment Responses to a $15 Minimum Wage: Will Low-Income Workers Be Better Off?

Fahad Fahimullah, Yi Geng, Bradley Hardy, Daniel Muhammad, & Jeffrey Wilkins

Silver

An Analysis of the Economic Effects of the HayWired Scenario Using the ABAG REMI Model

Cynthia Kroll, Bobby Lu, Aksel Olsen, & Anne Wein

Bronze

Housing Underproduction in the U.S.: Economic, Fiscal, and Environmental Impacts of Enabling Transit-Oriented Accessible Growth to Address America’s Housing Affordability Challenge

Madeline Baron, Marley Buchman, Mike Kingsella, Randall Pozdena, & Michael Wilkerson

Pete Walley, who recently retired from his position as Director of Long-Range Economic Development Planning at the Mississippi Institutions of Higher Learning, was also awarded the George A. Fulton Lifetime Achievement Award for Excellence in Economic and Demographic Analysis. It was an honor to present this award to Mr. Walley for his numerous contributions to the state of Mississippi and its continued development.

Santa Fe was a wonderful host city for our 2019 REMI Users’ Conference as attendees were able to experience the local Pueblo architecture and enjoy an immersive group outing at Meow Wolf.

The location for the 2020 REMI Users’ Conference was voted on by attendees and they selected Bozeman, Montana. However, due to expensive flights and a lack of nearby venues that can accommodate over 50 attendees, we have chosen the option with the second-most votes, St. Petersburg, Florida, as next year’s host city.

We will be providing more details as we get closer to October 2020. We hope to see you in St. Petersburg!