The economy is inextricably linked to transportation and land use. Investing in new transportation projects creates construction jobs and injects money into the economy. Transportation infrastructure plays a critical role in making a region competitive in terms of both supporting existing industry and labor and attracting new businesses and a talented workforce. New employers that come to the region effect the built environment as well as travel behavior and patterns.
In order to help understand these complex dynamics, the MRCOG Socioeconomic team employs a macro-economic model created by Regional Economic Modelling Inc. (REMI). We primarily use the REMI model in three ways:
- To simulate the economic impact of regional transportation projects.
- To develop long range employment forecasts by industry for the purposes of anticipating future travel demand.
- To analyze the impact of new employers or industries to the region or other economic shifts.
The REMI model is updated annually by REMI staff and is calibrated specifically to the MRCOG region. Below is a snapshot of some of the data that are available through the REMI model.