In early 2013, we introduced eREMI, an online database providing complete economic and demographic forecasts through 2060. eREMI was predicated on the trusted REMI methodology that has been used by clients throughout the nation and the world for more than 30 years.
Internally consistent data makes eREMI the most comprehensive economic and demographic county-level data set for the nation’s 3,000+ counties. Demographic shifts are driven by a variety of forces, including local employment opportunity, compensation rates, and local prices. Industries within an economy are interconnected so that as a leading industry grows, the supply chain does as well.
The Montana Department of Commerce discovered the benefits of using eREMI. Joe Ramler, a senior research economist for the department, had examined regression-based data sources for population forecasts. Because these sources relied on previous trends, and the population had been declining, the results showed continued decline despite the discovery of the Bakken Oil Shale. When Ramler turned to eREMI, he was able to forecast population growth from the shale boom, because REMI’s forecasting captures employment opportunity and compensation.
The detailed data set includes a full complement of variables covering 808 demographic cohorts, allowing users to see a detailed picture of the future population for every US county. Industry detail at 23, 70, or 160 sectors enables users to compare local industries to other regions through measures of competitiveness, productivity, and business costs.
As an online database, eREMI places all the depth of information REMI has to offer at the user’s fingertips in an easily searchable format. eREMI includes tabulated results, customizable graphs, and heat maps. The user can also view geographic profiles for any county, which include information such as location quotients, trade balances, and the components of population change.
For further information about eREMI, please contact Brett Albert at Brett.Albert@remi.com, or 413-362-8890.