Economic Impacts of Utah’s Life Sciences Industry

In order to evaluate the indirect and induced effects resulting from direct economic activity in Utah’s life sciences industry, researchers at the Kem C. Gardner Policy Institute at the University of Utah utilized a 70-sector REMI PI+ model. They incorporated the model to estimate the amount of Utah life sciences output sold in state, out of state, and outside the country, as well as estimate new state and local revenues and expenditures. This report, commissioned by the Utah Governor’s Office of Economic Development and BioUtah, describes the state’s life sciences industry in terms of companies, customers, workers, income, output, and growth before presenting the economic impact results, in addition to the state and local fiscal impacts. In 2017, economic impacts in Utah from life sciences companies were 130,439 jobs, $7.6 billion in employee personal income, and $13 billion in GDP. Life sciences companies’ operations in that same year supported a net increase in state and local government revenue of $475.8 million.

University of Utah – Economic Impacts of Utah’s Life Sciences Industry [full PDF]

Puget Sound Regional Transportation Fuels Analysis

The macroeconomic and distributional impacts of compliance with a Puget Sound region Clean Fuel Standard (CFS) on different sectors and nearby regions were modeled using REMI’s E3+ model by ICF. This analysis and its findings indicated that the economic impacts across all four modeled scenarios generated Gross Regional Product and employment impacts of less than 0.1%. ICF’s modeling efforts analyzed the marginal difference that the energy and fuel policies made on the baseline within REMI’s reference case projection of economic growth. Their report was informed by scenario modeling that considered a health impact analysis based on changes in air quality pollutant emissions, various low-carbon fuel strategies, economic impact modeling using the REMI model, and the limitations in the Puget Sound transportation fuels market.

ICF – Puget Sound Regional Transportation Fuels Analysis [full PDF]

Economic Effects of Implementing a Paid Family and Medical Leave Program on the Colorado Economy

House Bill 18-1001 was introduced during the 2018 Colorado legislative session and the bill attempts to establish a paid family and medical leave program that would cover all employees working in the state. The program’s cornerstone is a state-run family and medical leave insurance fund that would be financed by an employee-side payroll tax designed to dispense family and medical leave benefits to eligible individuals. This report that was conducted by the National Federation of Independent Business (NFIB) quantifies the economic impact that implementation of the proposed paid leave program would have on the Colorado economy over a ten-year study period (2020-2029). Researchers used the REMI PI+ model to identify how an employee-side payroll tax could generate nearly 23,000 lost jobs, a reduction of $3.7 billion in personal income, a cumulative loss of $19.3 billion in real state gross domestic product, and the out-migration of over 20,000 citizens from Colorado.

National Federation of Independent Business – Economic Effects of Implementing a Paid Family and Medical Leave Program on the Colorado Economy [full PDF]

Senate Bill 181: The Statewide Cost of Prohibitions, Restrictions and Regulatory Uncertainty in Colorado’s Energy Sector

The REMI Partnership conducted an analysis of Colorado Senate Bill 181 (SB-181), which is intended to promote health and safety in the state as it increases local involvement in the oil and natural gas development permitting process. With this report, the REMI Partnership sought out to inform policymakers of the jobs, economic, and tax considerations that accompany a large-scale oil and natural gas reform bill like SB-181. The REMI Tax-PI model was used in this analysis to show the direct and dynamic impacts to the Colorado economy for each simulated scenario. The report identified that substantial short-term and ongoing reduction in the new oil and gas production would have consequences that resonate throughout the state, estimating losses of tens of thousands of jobs and billions of dollars in tax revenue.

REMI Partnership – Senate Bill 181: The Statewide Cost of Prohibitions, Restrictions and Regulatory Uncertainty in Colorado’s Energy Sector [full PDF]

High Capacity Transit Task Force for the 2045 Regional Transportation Plan

The High Capacity Transit Task Force was created by the Transportation Policy Council to investigate the need and opportunity for high capacity transit in the Houston-Galveston region. In order to accomplish this, they used the REMI model to identify a transit vision for 2045, identify the costs associated with a range of transit options, identify the economic impacts on the region resulting from these options, and identify a Priority Network for the 2045 Regional Transportation Plan. A High Scenario, a Medium High Scenario, a Medium Low Scenario, and a Low Scenario were implemented to depict a range of high capacity transit options by cost. For each scenario, the Task Force calculated the economic impacts, which included travel time savings, value of increased safety, increased personal income, increased employment, gross domestic product, and regional output. The REMI model helped researchers discover that, compared to a no build scenario, significant benefits in excess of costs were found for all scenarios investing in additional high capacity transit infrastructure and services.

Houston-Galveston Area Council – High Capacity Transit Task Force for the 2045 Regional Transportation Plan [full PDF]