The Economic and Fiscal Impacts of Adriaen’s Landing

The Capital City Economic Development Authority asked the Connecticut Department of Economic and Community Development to conduct an economic and fiscal impact study of the complete Adriaen’s Landing complex, namely the Connecticut Convention Center, the Marriott Hotel and the Westside Parking Garage, and the future Science Center and Front Street developments. The REMI model was used to generate the total economic impact (direct, indirect, and induced) of Adriaen’s Landing. For the study period (1999-2030), total employment in Hartford County in a given year was found to be 1,680 jobs higher than the baseline forecast on average, that is, with the developments than without them and total employment in the state in a given year was found to be 1,852 higher than the baseline forecast. The average annual increase in personal income in 2006 dollars for Hartford County residents would be $77.8 million, and $110 million for the state as a whole.

Connecticut Department of Economic and Community Development – The Economic and Fiscal Impacts of Adriaen’s Landing [full PDF]

The Economic Impact of Hiking Taxes to Close the Budget Gap

The Washington Research Council (WRC) used their WRC-REMI model to quantify the potential impacts of increases in the sales and business & occupation (B&O) tax rates on the state economy. Four tax scenarios were examined for this report: a permanent state sales tax rate hike from 6.5% to 7.3%, a raise of the state sales tax to 8.6%, an increase to the B&O tax that generates the same revenue as increasing the sales tax to 7.3%, and a B&O tax hike that generates the same revenue as increasing the sales tax to 8.6%. While modeling the impacts of each scenario, researchers were able to illustrate the general property that the negative effects of taxes on employment build over time to a greater extent than the positive effects of spending due to the effects of taxes on population migration and business location.

Washington Research Council – The Economic Impact of Hiking Taxes to Close the Budget Gap [full PDF]

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]