Refining a Methodology for Determining the Economic Impacts of Transportation Improvements

Download or read book Refining a Methodology for Determining the Economic Impacts of Transportation Improvements written by David Rennie Ellis and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimating the economic impact of transportation improvements has previously proven to be a difficult task. After an exhaustive literature review, it was clear that the transportation profession lacked standards and methodologies for determining economic impact from transportation investments. As a result, Texas Transportation Institute (TTI) researchers sought to fulfill this need. This project examined the current and historical economic impact assessment programs utilized by four state departments of transportation. Researchers evaluated these programs based on three outcomes: increased business and industry competitiveness, strengthened long-term regional and local economies, and enhanced household well-being. Researchers found that promoting transparency and flexibility and involving as many stakeholders as possible were key elements to economic program success. Based on these successful program elements, TTI professionals developed a new economic determination method to incorporate into the existing Transportation Revenue Estimation and Needs Determination System (TRENDS). The results from this study were also used to educate the public on the impacts transportation improvements, or lack of improvements, have on communities.