The Projected Economic and Fiscal Impact of the Big River Steel Project in Arkansas

This REMI Tax-PI analysis of the Big River Steel Project in Osceola, Arkansas of Mississippi County for the Arkansas Bureau of Legislative Research discovered that the $1.1 billion investment required for this build would generate approximately $400 million in additional annual gross domestic product during construction and about $150 million more in additional gross domestic product in the following years. It would also create almost 3,500 jobs during construction and about 1,300 during operations, but the fiscal impact forecast ended up more mixed based on the exact size of the incentives offered and the higher “carrying costs” to the state economy for having more jobs, GDP, and population. The recycling tax credit involved in this project also created economic growth problems as it turns what would be a positive fiscal impact to the state economy into a negative one with its inclusion into this development. Overall, opening and operating this steel plant would have a larger effect on the state’s economy than increasing state taxes or decreasing spending in an attempt to level out the budget.

Regional Economic Models, Inc. – The Projected Economic and Fiscal Impact of the Big River Steel Project in Arkansas [full PDF]

Housing Underproduction in the U.S.

This study conducted by Holland Government Affairs, Up for Growth, and ECONorthwest was the first to implement the REMI model in order to simulate large-scale housing development. The analysis simulated three growth scenarios: More of the Same, Max Density, and Smart Growth. These scenarios helped identify which housing production approach might yield the highest economic benefits and modeling these found that the “Smart Growth” approach would generate $400 million of additional GDP compared to “More of the Same.” The “Max Density” simulation produced the greatest benefits, but is the least politically feasible in terms of a policy solution due to it requiring radical restructuring of existing land-use and zoning policies.

Holland Government Affairs, Up for Growth, ECONorthwest – Housing Underproduction in the U.S. [full PDF]

Tampa Interstate Study (TIS) Supplemental Environmental Impact Statement (SEIS): Economic and Fiscal Impact Analysis

The Tampa Bay Regional Planning Council (TBRPC), under contract with the Florida Department of Transportation, used the REMI TranSight model to analyze alternative project designs that would alleviate congestion in the Tampa Bay Area. This independent Economic Impact Analysis of the Tampa Interstate Study (TIS) Supplemental Environmental Impact Statement (SEIS) evaluated three economic scenarios: No Further Action, Non-Tolled Express Lanes, and a Tolled Express Lane. The TBRPC implemented the TranSight results, local data and plans, and the Tampa Bay Regional Planning Model outputs into their analysis to assess the prospective impacts of TIS SEIS on Community Redevelopment Areas, which then allowed them to extend the countywide analysis in the scenarios to those areas.

Tampa Bay Regional Planning Council – Tampa Interstate Study (TIS) Supplemental Environmental Impact Statement (SEIS): Economic and Fiscal Analysis [full PDF]

Connecticut Department of Economic and Community Development Annual Report 2018

The Connecticut Department of Economic and Community Development (DECD) compiled their annual report for the 2018 year that used the REMI Tax-PI model to evaluate the success of their individual development programs in terms of total economic impact. The impacts of the DECD’s funding and efforts in business development, brownfield remediation, historic preservation, tourism, and the arts were analyzed and explained to display the value of improved practices and focus. Different from previous reports, the 2018 annual report determined the total economic impacts of DECD programs, as well as the direct impacts, which are the tax revenues generated by created jobs and capital investments net of the cost of the assistance to the state. The report also outlined all of the employment indicators and alterations to gross state product associated with the DECD’s programs from FY2018.

Connecticut Department of Economic and Community Development – 2018 Annual Report [full PDF]

RGGI Program Review: REMI Modeling Results

ICF set out to review the Regional Greenhouse Gas Initiative (RGGI) program, an innovative cap-and-trade program that places limits on the overall emission levels for CO2, but allows the affected states to find cost-effective emission reductions through an allowance trading market. This section of the report specifically dealt with the results that were produced by the REMI model. The analysis implemented two broad sets of inputs to model the economic impacts of changes made to the policy, with everything being modeled at the individual state level and the rest of the United States. The results showed that the RGGI region would initially see slight negative economic impacts from the Model Rule Policy Scenario (MRPS) case cap reduction, but quickly grow to small but consistent economic benefits. Although the effect of the RGGI cap decline is generally negative, the cumulative effect is positive due to the total benefits of the allowance proceeds reinvestments.

ICF – RGGI Program Review: REMI Modeling Results [full PDF]