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Using REMI for “Targeting” Industries. Dr. Robert Cruz, Chief Economist Office of Economic Development Coordination Miami-Dade County, Florida cruzr1@miamidade.gov www.miamidade.gov/eap February 4, 2009. Overview. Finding additional uses for REMI beyond economic impact analyses
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Using REMI for “Targeting” Industries Dr. Robert Cruz, Chief Economist Office of Economic Development Coordination Miami-Dade County, Florida cruzr1@miamidade.gov www.miamidade.gov/eap February 4, 2009
Overview • Finding additional uses for REMI beyond economic impact analyses • Like most communities in Florida, Miami-Dade’s economic development agency has a list of “targeted industries” (TI’s). • List developed many years ago (early 1990s) as a result of Chamber of Commerce “brainstorming sessions” • County incentives are directed to TI’s • Do these TI’s still make sense? • Can the process of identifying TI’s benefit from a quantitative analysis of economic impacts? • We ran several economic impact simulations and focused on a few key outcomes – jobs, job quality, labor compensation, real income, and real GDP.
Old Targeting Industries • Aviation • Professional Services • Life Sciences • Logistics • Financial Services • Film and Entertainment • Information Tech and Telecom • “Visitor” Industry • International Business • TI boundaries not exclusive • Aviation, Logistics, Tourism and Intl Biz overlap • TI includes several industries • Film and Entertainment • Need to fit the analysis into REMI sectors
The Methodology • The So. FL Multi-regional REMI Model: 70 Sector Model with 7 Regions (counties) Plus Rest of Florida • 21 industries were selected – various sizes, largely “export oriented”, considered “good” industries to attract or grow, other criteria (State & Local Gov) • Simulations were run over 10 year period to focus on “short run”, “intermediate run” and “long run”. • Macro shock: 1000 increase in industry jobs.
