ECONOMIC MODELING
The ARPC uses the Regional Economic Model Incorporated (REMI) software to provide economic development assistance to the Region. REMI Policy insight is a leading regional economic modeling tool used to generate realistic year-by-year estimates of the total regional impacts of any policy changes. REMI combines the strength of different analytical tools such as, input-output, econometric, and economic base models. The model is calibrated to local conditions using a relatively large amount of data. This allows the user to manipulate a large amount of input and produces forecasts for a large amount of output variables. Unlike other microcomputer based regional forecasting models, REMI accounts for business cycles and allows the user special flexibility in analyzing the timing of economic impact.
One of the advantages of the REMI software package is its versatility. The software can provide data for simple one sheet reports. Recent examples from “simple” to “complex” include:
-
Analysis of the economic impacts to Jefferson County if the Correctional Institute were to close
-
Evaluation of the relocation of an internet shipping company to Jefferson County
-
Time-series analysis of a Development of Regional Impact whose construction horizon spanned a decade and covered several employment sectors in Clay County. This Economic Impact Study provided input to the approval and financing decisions for a sports park megaplex.
To request a REMI Economic Forecast, please complete and submit the Economic Modeling Request Form available here: Economic Modeling Request Form.
To learn more about the benefits of economic forecasting, or for questions related to REMI,
please contact Caroline Smith at CSmith@arpc.org.