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.
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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:
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Analysis of the economic impacts to Jefferson County if the Correctional Institute were to close
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Evaluation of the relocation of an internet shipping company to Jefferson County
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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.
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To request a REMI Economic Forecast, please complete and submit the Economic Modeling Request Form available here: Economic Modeling Request Form.
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To learn more about the benefits of economic forecasting, or for questions related to REMI,
please contact Caroline Smith at CSmith@arpc.org.