Turmoil on Wall Street: The Impact of the Financial Sector Meltdown on New York’s Labor Market

This research initiative was created in order to quantify the economic consequences of the recent meltdown of the financial services sector in general and the securities industry in particular on the greater New York City metropolitan area. This report was an outgrowth of that research effort and highlighted the projected impacts of the financial sector meltdown on the New York State and New York City economies over the time period of 2007-2012. Using the dynamic forecasting model to capture the impact of the forecasted changes in financial sector employment and wages on the Tri-State Region’s economy, researchers found that cumulative direct employment losses in the Region’s financial sector were projected to peak at just over 125,000 in 2011, projected cumulative peak total employment losses due to the financial meltdown for the state were almost 300,000 in 2011, and projected employment and wage declines in the securities industry were, by far, the largest contributor to future economic uncertainty in the New York State and New York City economies.

New York State Department of Labor – Turmoil on Wall Street: The Impact of the Financial Sector Meltdown on New York’s Labor Market [full PDF]

Economic Impact Analysis of Florida’s Manufacturing Sector

Florida TaxWatch conducted a study on the total contribution to the state of Florida of its manufacturing sector that used the REMI econometric impact model to analyze the manufacturing sector’s future potential effect on Florida’s economy. Analysts developed three potential scenarios to assess the sector’s future, which were a current trends continue scenario, a tax incentive repeal scenario, and a 10 percent Capital Investment Incentive scenario. Upon review of the current economic conditions and potential fiscal outlook scenarios, Florida TaxWatch recommended that the Florida Legislature retain the current sales and use tax exemptions on which Florida’s manufacturing sector depended as a primary method of remaining a viable and competitive source of commerce, employment, and above average wages in the state.

Florida TaxWatch – Economic Impact Analysis of Florida’s Manufacturing Sector [full PDF]

A Study of Fort Sill Military Housing Needs

The Cameron University Business Research Center sought to understand and quantify housing needs for the Fort Sill military population by considering the changing demand of Fort Sill personnel and dependents in juxtaposition with the supply and demand conditions for housing in Comanche County, Oklahoma, and separately for the applicable military housing area. The Policy Insight model created by REMI was used to discover that there is an adequate number of houses in Comanche County for the entire population including the military population, but the analysis determined that the quality of housing becomes the bigger concern in this study. The report indicated that, even though houses are generally cheaper and rent payments are generally lower than in major metro areas, housing allowances are not adequate for renting good quality houses or apartments.

Cameron University Business Research Center – A Study of Fort Sill Military Housing Needs [full PDF]

Fort Drum Regional Economic Impact Study: Analysis of Economic Impacts of Fort Drum, NY on the Regional Economy of Jefferson, St. Lawrence and Lewis Counties

The Fort Drum Regional Liaison Organization asked a team of consultants to review data on the economic activity of Fort Drum in Watertown, New York, interview affected parties to assemble a base of data on economic activity impacts of Ft. Drum, assess regional economic impacts, using an economic model calibrated for the region by REMI, and conduct an analysis of the further fiscal impacts on local government revenues and expenditures. They found and analyzed the direct activity of the United States Department of Defense at Fort Drum; the indirect, induced, and dynamic economic effects; the overall regional economic effect; the population and quality of life effects; and the fiscal impacts, which provided a more complete understanding of the fort’s regional value.

Nutter Associates, Economic Development Research Group – Fort Drum Regional Economic Impact Study [full PDF]

$15 Minimum Wage in the District of Columbia: A General Equilibrium Analysis of the Economic Impact

The REMI PI+ general equilibrium simulation model examined the immediate and long-term employment effects for the District of Columbia metropolitan area and found that a $15 minimum wage will gain approximately $5,100 more wages per average resident by 2021 to counteract a possible 2% drop in employment. These findings form a great starting point, but there are still numerous variables between proposal and enactment that could shift the outcomes of a $15 minimum wage in any and all directions.

District of Columbia Government – $15 Minimum Wage in D.C. [full PDF]