The Projected Economic & Fiscal Impact of Exempting Military Pension Income From South Carolina Income Tax: Assuming Full Exemption Implemented Following Sunset of Act 272

The Regional Economic Analysis Laboratory at Clemson University completed this study that implemented the REMI PI+ model to evaluate the impact of South Carolina’s economy, in addition to state and local net government revenues, of exempting military pension income from state income taxes. This analysis identified that the size of the impact on the state economy depends on the amount of retired military service personnel who migrate to South Carolina because of the income tax exemption. Researchers found that the economic impact increased in relation to more personnel migrating to the state. The methodology involved in this study considered four separate modeling scenarios: one assuming zero net migration with the other three scenarios assuming migration increases of one, 2.5, and five percent spread out over the years 2021-2025. The impact on net state government revenues is projected to be negative in the zero and one perfect migration models with economic feedback effects offsetting the cost of the tax exemption to a degree. In the other two scenarios, the net state revenue impact is forecasted to be positive after the first year, with the magnitude depending on the size of the retired military service personnel migration response.

Clemson University – The Projected Economic & Fiscal Impact of Exempting Military Pension Income from South Carolina Income Tax: Assuming Full Exemption Implemented Following Sunset of Act 272 [full PDF]

2017-2022 South Florida Comprehensive Economic Development Strategy

The U.S. Economic Development Administration mandates that each designated Economic Development District develops and maintains a Comprehensive Economic Development Strategy with the assistance of public involvement. The South Florida Regional Planning Council used the REMI PI+ model to update their previous five-year strategy to better serve their district and its constituents. This update was divided into five main sections (Summary Background, SWOT Analysis, Strategic Action Plan, Evaluation Framework, and Economic Resilience) while also including regional fact sheets for the overall district and each individual county. The REMI model was utilized to analyze the various impacts of specific performance measures outlined in the strategy in terms of business climate and competitiveness, innovation and economic development, talent supply and education, and quality of life and places. The key findings from the South Florida Regional Planning Council’s analysis and several detailed graphs are included in this comprehensive economic development strategy to best illustrate their plans for the district’s future.

South Florida Regional Planning Council – 2017-2022 South Florida Comprehensive Economic Development Strategy[full PDF]

Economic Impacts of the Preferred Colorado Energy Plan

The Leeds School of Business at the University of Colorado Boulder produced a report for the Public Service Company of Colorado (PSCo) that calculated the net economic impacts of the Preferred Colorado Energy Plan on the state of Colorado and on Pueblo County. The study period of 23 years (2018-2040) was selected to encompass the near-term economic activity from changes in capital investments, as well as the long-term effects of changes in operating expenses and electricity rates. The report utilized a two-region, REMI PI+ model to analyze that the Preferred Colorado Energy Plan will result in net economic benefits in Colorado due to the net effects of increases in capital expenditures, lower revenue requirements, and operating expenditures.

University of Colorado Boulder – Economic Impacts of the Preferred Colorado Energy Plan [full PDF]

Plan Bay Area 2040: Final Regional Forecast of Jobs, Population and Housing

The Association of Bay Area Governments Economic-Demographic Model is built on the structure of the REMI model and incorporates adjustments to reflect characteristics of the Bay Area economy. The Metropolitan Transportation Commission/Association of Bay Area Governments (MTC/ABAG) used this model to project changes in employment, gross regional product, labor force, and the final population projection resulting from the provisions laid out in their Plan Bay Area 2040. The Plan Bay Area, the Bay Area Sustainable Communities Strategy (SCS), provides a set of common regional assumptions meant to inform the discussion of how the region might grow for regional and local jurisdictions and organizations. MTC/ABAG’s analysis found that the Plan Bay Area would add 1.3 million jobs and 2.3 million people to the region, which would then amount to 4.7 million total jobs and 9.5 million residents, as well as represent an increase of 37.7 percent for employment and 33.2 percent for population.

Metropolitan Transportation Commission/Association of Bay Area Governments – Plan Bay Area 2040: Final Regional Forecast of Jobs, Population and Housing [full PDF]

How Does Electric Transmission Benefit You?: Identifying and Measuring the Life-Cycle Benefits of Infrastructure Investment

London Economics International LLC (LEI) conducted this comprehensive analysis of two hypothetical, inter-regional transmission projects in two separate locations in the United States by utilizing the REMI PI+ model. The two projects were chosen to reflect common commercial drivers for transmission investments, which included accommodating delivery of lower cost and cleaner energy resources to consumers and increasing market efficiency through additional trade of electricity. LEI implemented the PI+ model into this evaluation to calculate how infrastructure spending and electricity cost savings impact local employment and regional economies, as well as how local spending for the construction and installation of new power infrastructure and the electricity cost savings from said infrastructure impact the broader economy. The benefits from both hypothetical projects (Eastern Interconnect & Western Interconnect) were quantified and categorized into short-, medium-, and long-term benefits in order to accurately display the ways in which well-conceived transmission can provide quantifiable, substantial, widespread, and long-lasting impacts.

London Economics International LLC – How Does Electric Transmission Benefit You?: Identifying and Measuring the Life-Cycle Benefits of Infrastructure Investment [full PDF]