Economic Effects of Enacting the Raise the Wage Act on Small Businesses and the U.S. Economy

NFIB Research Center conducted a study in January of 2019 to find the “Economic Effects of Enacting the Raise the Wage Act on Small Businesses and the U.S. Economy.” The Raise the Wage Act increases the federal minimum wage in stages from $7.25 per hour to $15.00 per hour over the years 2019-2024. This report analyzes the potential economic impact of enacting the Raise the Wage Act and imposing these mandated wage increases upon employers. Using the Business Size Insight Module (BSIM), a dynamic, multi-region model based on the widely-used Regional Economic Models, Inc. (REMI) structural economic forecasting and policy analysis model, we estimate that during the period spanning 2019 and 2029, the Raise the Wage Act would reduce private-sector employment by over 1.6 million jobs and produce a cumulative U.S. real output loss of more than $2 trillion.

To read the full study: Economic Effects of Enacting the Raise the Wage Act on Small Businesses and the U.S. Economy

 

Economic Impact Analysis Rail Track Corridor

The Mid-Region Council of Governments conducted a study in July of 2020 to conduct an “Economic Impact Analysis (on the) Rail Track Corridor.” The Council of Governments did this study at the City of Albuquerque’s request to assess the city’s infrastructure. This project constructs a multi-use pathway along the railroad tracks in downtown Alberque from Central Ave to Lomas Blvd. and also includes an installation of “smart city” infrastructure. This analysis estimates the economic impact of the construction of the pathway and infrastructure and the investment, development, and hiring commitments from four companies along the corridor. MRCOG employs the Regional Economic Models, Inc (REMI) model to produce the numbers presented in this report.

To read the full study: Economic Impact Analysis Rail Track Corridor

Sublette County Industry Impact Study: Alternative Employment Scenarios

The economic development in a six-county region in southwestern Wyoming is analyzed to project the long-term economic and demographic impacts. This study presents the findings for Sublette County, in particular, though the other five counties have separate volume results prepared. The Bureau of Economic and Business Research (BEBR) of the University of Utah presents this study for the Coalition of Local Governments to describe and define the historical economic and population trends in the six counties affected: Fremont, Carbon, Lincoln, Sublette, Sweetwater, and Uinta.

The REMI PI+ model analyzes the long-term trends, including future conditions in each county and the economic connections between all six modeled counties and their relation to the outside world. The model explores the impacts of additional employment in a variety of industries over the next twenty-five years.

Sublette County Industry Impact Study: Alternative Employment Scenarios [Full PDF]

Economic and Fiscal Impacts of Modernizing Nebraska Tax Codes and Supporting Innovation to Advance the Prosperity of Nebraska

Prepared on behalf of Blueprint Nebraska, this study quantifies the economic and fiscal impacts of various tax policy changes along with labor force attractions and research development (R&D) programs. The tax policy changes included individual income tax, corporate income tax, sales tax, and an array of incentives programs. These programs intend to increase R&D by doubling tax credits, forgive student loans to attract highly skilled workers and manufacturing workers, eliminate the inheritance tax, and provide funds for strategic property tax relief.

Using the Tax-PI model, REMI deduced prospective numbers to demonstrate the effects of these policy changes over the next ten years. Key findings included: number of new jobs created; population increases attracted and retained; GSP; investment activity; personal income; strategic tax relief revenue; and total state government revenues.

Economic and Fiscal Impacts of Modernizing Nebraska Tax Codes and Supporting Innovation to Advance the Prosperity of Nebraska, REMI [Full PDF]

The Perils of Efficiency: An Analysis of an Unexpected Closure of the Poe Lock and its Impact

The infrastructure for iron mining, integrated steel production, and manufacturing supply chain has little resilience despite being one of the nation’s most economically vital systems. The Poe Lock at the Soo Locks connecting Lakes Huron and Superior is a potential single point of failure in this supply chain. The Department of Homeland Security’s Office of Cyber and Infrastructure Analysis conducted an analysis using the REMI PI+ economic model that forecasts an unexpected 6-month closure of the locks and the impact on the supply chain, automobile manufacturing industry, and the National economy. The key findings of this study revealed that a disruption of the Poe Lock will likely cause an almost complete shutdown of Great Lakes steel production.

Department of Homeland Security – The Perils of Efficiency: An Analysis of an Unexpected Closure of the Poe Lock and its Impact [Full PDF]