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Transit: Producing Jobs & Billions in Economic Development
Every $1 invested in public transit generates about $6 in new local economic activity, says the American Public Transit Association. That’s why prospering cities view public transit as a necessary economic development tool.
Public transit has produced substantial returns in cities like Dallas, Minneapolis, Charlotte, St. Louis and Portland.
DART Light Rail, Dallas, Texas
Dallas began building light rail in 1996. Within five years, the 45-mile line generated $3.3 billion in private investment, 32,000 jobs, and 39-53% greater growth in property value than elsewhere in the city. The investment has continued to $4.26 billion in commercial and residential investments directly related to the rail system (“transit-oriented development”). The projects have included restaurants, retail shops, professional offices, thousands of housing units, movie theaters, hotels, performing arts centers, and more. (Source: Center for Economic Development and Research, University of North Texas). Hiawatha Light Rail, Minneapolis, Minnesota
The 12-mile rail line, which opened in 2004, connects downtown Minneapolis and the Mall of America. The light rail line sparked the development of 11,931 housing units and 1.1 million square feet of new commercial space planned or under construction within a half-mile of the track — before the line even opened (Source: Metropolitan Council, Saint Paul, Minnesota). At a price of $700 million, developers built Reflections at Bloomington, 1.25 million square feet of housing, office space, restaurants and hotels literally at the doorstep of one of the light rail system’s stations.
The LYNX Blue Line Light Rail, Charlotte, North Carolina
Charlotte just opened the LYNX Blue Line, offering fast, convenient light-rail service along a 9.6-mile route between uptown Charlotte and I-485. There has been $1.87 billion in investment and development along the city’s South Corridor, in large part because of the light rail system (Source: UNC Charlotte’s Center for Transportation Studies, April 2007). About 50 new development projects have been sparked in Uptown Charlotte, including 3,350 new condominium and apartment units, seven new office projects, two new retail projects, and three hotels (Source: Reconnecting America).
Metrolink Light Rail, St. Louis, Missouri
First opened in 1993, there has been $4.3 billion in new development around the original line, leading to a revitalization of the metro area (Source: Citizens for Modern Transit). In addition, a 77-acre, $500 million project in Maplewood is being planned with 600,000 square feet of office space, 340,000 square feet of retail, 1,300 housing units, a 160-room hotel and a Metrolink station at both ends.
MAX (Metropolitan Area Express) Light Rail, Portland, Oregon
More than $6 billion in development has occurred along Portland’s MAX light rail lines since the decision to build in 1978 (Source: TriMet, Portland, Oregon). Portland’s streetcar line also has generated $2.8 billion in investments. Between 1997 and 2005, 7,200 new housing units and 4.6 million square feet of commercial development occurred in the Pearl District, once a blighted industrial area near the line.
Other economic benefits of public transit:
• States with major public transit systems receive larger shares of federal funds.
• People spend more time at work and less time stuck in traffic on ever more congested roads.
• Public transit reduces wear and tear on roads and bridges.