The Economic and Demographic Outlook for Michigan through 2040

The REMI model used in this study of Michigan’s economic outlook through the year 2040 was an eighty-four region model that included eighty-two counties, the City of Detroit, and the balance of Wayne County. Researchers chose the REMI model because it is a state-of-the-art model that has thirty years worth of field-testing and is comprehensive, incorporating interacting economic and demographic modules and accounting for trade flows among counties. The analysis using this model found growing evidence that the state of Michigan was progressing out of their most catastrophic economic period in recent memory, but needed to be cautious in how to proceed. The looming problem in the state’s future was labor shortages, particularly of workers with skills that mesh with the evolving knowledge- and information-based economy.

University of Michigan – The Economic and Demographic Outlook for Michigan through 2040 [full PDF]

Dynamic Revenue Analysis: Experience of the States

In this joint report between the Andrew Young School’s Center for State and Local Finance and Fiscal Research Center at Georgia State University, analysts compared modeling softwares, techniques, and uses for assessing tax policy changes. The study detailed the pros and cons of input-output models, computable general equilibrium models, and blended models like the REMI model in terms of attempting to predict how various policy or economic changes might affect the regional or national economy. Case studies of state-specific dynamic revenue modeling then further illustrated reasons and situations that would determine the application of one model over another and the relative success each had in achieving comprehension of tax policy changes.

Center for State and Local Finance, Fiscal Research Center – Dynamic Revenue Analysis: Experience of the States [full PDF]

The Economic Impact of the Redevelopment of the Hartford Civic Center

This report by the Connecticut Center for Economic Analysis at the University of Connecticut sought to analyze potential plans to make the Hartford Civic Center a hub of entertainment and economic activity in the capital city once again. Activity at the Center had declined since its peak in 1988 when it was home to an NHL franchise and hosted 318 events per year. The assessed possible plans for renovation included a retrofit of the current structure, increased number of events, continuation of tenant events, new tenants, new food court, a new broadcast studio at street level, a new atrium space with sport and other retail stores, a new restaurant and sports bar, a new IMAX theater, and the goal to return an NHL team to the city starting in 2017. Using the Connecticut State REMI model, analysts found that this redevelopment plan would increase employment by 1202-1449 annually, raise real gross state product by $45.3 to $58.4 million on average, and improve net state revenues by $7.4 to $8.4 million per year.

Connecticut Center for Economic Analyses – The Economic Impact of the Redevelopment of the Hartford Civic Center [full PDF]

The Impact of Raising the Minimum Wage on the Maryland Economy

This report from the Center for Regional Analysis at George Mason University presented the economic consequences of raising the minimum wage rate in the State of Maryland from $7.25 to $9.00, to $10.00, and to $12.00. This research that was conducted using the REMI PI+ model found that raising the minimum wage in Maryland would increase the price of consumer goods, reduce employment and personal income, weaken the state’s competitive position relative to adjacent states having lower labor costs, slow the growth of gross state product, and slow population growth and weaken real estate values. Understanding the associated economic costs resulting from legislatively raising minimum wage rates in an open market economy is essential to achieving a policy outcome that is in the interest of the state’s businesses and citizens as they will be the ones who will have to absorb the costs of raising the minimum wage rates of the state’s hourly employees.

George Mason University – The Impact of Raising the Minimum Wage on the Maryland Economy [full PDF]

Economic Impact of the Oklahoma Manufacturing Sector

The Center for Economic & Business Development at Southwestern Oklahoma State University conducted an updated study of the manufacturing sector’s economic impact upon the State of Oklahoma using a REMI model that was developed specifically for Oklahoma and its six primary regions. When researchers forecasted the manufacturing sector’s average economic impact on the statewide economy up to 2031, they found that state output would account for $154.972 billion, gross state product would account for $65.402 billion, real disposable personal income would account for $42.999 billion, and employment would add 328,540 net new jobs annually. Analysts modeled data from the Bureau of Economic Analysis, the U.S. Census Bureau, Bureau of Labor Statistics, State Employment Security Agencies, Energy Information Administration and other related sources that serve as the foundation upon which to forecast future economic and socioeconomic variables.

Southwestern Oklahoma State University – Economic Impact of the Oklahoma Manufacturing Sector [full PDF]