How is the Macroeconomic Forecast developed?

PSRC uses an in-house econometric model system developed by the economics consulting firm ECONorthwest. The model equations are estimated using over four decades of historical data; other key inputs are a national macroeconomic forecast and a regional aerospace forecast, developed separately.

Before producing a new forecast, PSRC and its consultants update the historical data series, and re-examine and enhance the models themselves to reflect new knowledge and recent developments in the field. Output from the Macroeconomic Forecast model is carefully reviewed both internally and by PSRC’s Land Use Technical Advisory Committee prior to forecast finalization.