The REMI (Regional Economic Models, Inc.) model is a very widely used regional economic policy analysis model. The model is used by government agencies on the national, state and local level, as well as by private consulting firms, utilities, and universities. REMI is a structural economic forecasting and policy analysis model. It integrates input output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors.
ARC evaluated and implemented REMI from 2007 to 2008. Policy Insight was the specific model used from 2008-2010. TranSight (TS) has been the working model since 2010 and was used for the previous forecast series (Series 15); TS enables direct use of travel model output and is built on a Policy Insight base. In the summer of 2018, ARC used the REMI model to generate an updated set of regional control forecasts. A Technical Advisory Committee (TAC) of local economists reviewed the forecasts and a general agreement on a reasonable forecast was reached later that year. ARC staff then began allocating the regional controls to smaller geography, with PECAS.
REMI Resources
REMI Policy Insight Model Documentation
REMI TranSight Introduction