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Economic Development Benefit/Cost Transit Slides.

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Presentation on theme: "Economic Development Benefit/Cost Transit Slides."— Presentation transcript:

1 Economic Development Benefit/Cost Transit Slides

2 Transit Capital Investment Creates Jobs  Every $10 million = 314 jobs + $30 million gain in sales for businesses Source: APTA 2001 and Cambridge Systematics

3 We Estimate the Following Net Economic Benefits Includes Multiplier Effects  Increased economic output of __  Increased labor income of __  Increased employment of __ These are net benefits that accrue to our region from funding provided by others (e.g. the state, federal government). These are net benefits that accrue to our region from funding provided by others (e.g. the state, federal government). NOTES TO USER: Potential Source: Construction and Operations Funding Impacts Worksheet. Delete this box to maintain slide formatting.

4 Traffic Congestion and Long Commutes Negatively Impact Employment  Aggravation and stress  Inability to work traditional schedule  Tardiness and work rescheduling  Increased pressure to meet schedules Reductions in worker productivity, recruitment and retention result from:

5 Transit Provides Access to Employment “Easy access to the Metro Green Line (Los Angeles, CA) gives us an edge in that competition. Since the Green Line started into service, the sales in our corporate transit pass program have skyrocketed, making our work force more productive and helping Hughes achieve its clean air goals as well.” James B. Ardis Director of Human Resources Hughes Aircraft Company Source: Dollars and Sense – The Economic Case for Public Transportation in America, Donald Camph

6 Impacts on Land Value  When transit improves the accessibility of locations, property values increase Residential * Commercial ** Bay Area $200 Los Angeles $31 San Diego $272 San Jose $197 Sacramento No effect Santa Clara $4.87 * For each 100 meters closer to station ** Per square foot, near stations Source: Parsons Brinckerhoff (various sources)

7 Our Project Is Anticipated to Generate Increases in Property Values  Office rents: $__  Apartment housing rents: $__  Single family home prices: $__ NOTES TO USER: Potential Source: Property Value Impacts Worksheet. Insert picture of your community. Delete this box to maintain slide formatting.

8 Transit Supports Downtown Jobs and a Healthy Economy In downtown Portland, OR:  Jobs grew from 56,000 to 109,000 between the mid 1970s and 1998  1/3 of work trips to the downtown are on transit

9 Transit Can Revitalize Downtowns and Urban Neighborhoods Places incorporating transit into redevelopment strategies:  Portland, OR – 1972 Downtown Plan  Sacramento, CA – K Street Mall  San Francisco, CA – Embarcadero  Washington, D.C. – MCI Arena area  Los Angeles (CA) Neighborhood Initiative – Multiple Neighborhoods

10 Transit-Oriented Development (TOD) Promotes “24-hour” Activity Current and future investors are advised to seek 24-hour places that have strong residential fundamentals and multifaceted environments, including mass transportation alternatives to the car. Source: Emerging Trends in Real Estate 1999 Report

11 Integrated Transit and Land Use Attracts Workers Information industry workers are attracted to places with walkable downtowns, restaurants, offices and housing. These places promote interaction, which is key to companies that thrive on:  Accessibility  Networking  Creativity Source: Collaborative Economics

12 Transit Creates Employment Opportunities  Cafes, food vending, bakeries  Day care  Florists  Dry cleaning  Photocopy services Integrated land use and transportation at stations facilitates entrepreneurship and supports job creation:

13 Transit Provides Access To More Jobs  We estimate that our project will give __ people access to new job opportunities located further from their homes Note to user: Include photo of local Welfare to Work or other program shuttle.

14 Transit Can Focus Regional Economic Investments  Washington D.C. (Corridor and Wedges Plan)  Charlotte, North Carolina (2025 Plan)  Portland, Oregon (Metro 2040 Plan)  Seattle, Washington (Vision 2020 Plan)  State of Maryland (Smart Growth Initiative)  San Diego, California (SANDAG Regional Growth Management Strategy) Scarce funds can be used efficiently and effectively (e.g., infrastructure, affordable housing). Places emphasizing transit in their regional development strategies include:

15 Our Project Will Contribute to Economic Development in the Following Ways: ____________________ Note to user: Use this and other slides to describe how your transit project may be used to strengthen the downtown, revitalize neighborhoods, provide reliable travel times, etc.

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