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3 Reasons to Invest in a Transit Economic Blueprint

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The President’s federal budget proposal proposes $2.4 Billion in transportation spending reductions – including significant cuts in federal transit programs. Meanwhile, states from  Georgia  to  Oregon  and places in-between have looked to increase state transit funding and there is growing discussion about the role of public-private-partnerships (PPP)’s in funding transit improvements. These changes create an environment in which transit systems and proponents must make a more compelling case than ever before to business and economically savvy audiences demonstrating their economic role. It is time for states and regions to take stock of what is really at stake in transit investment.  A State or Regional Transit Economic Blueprint  can be understood as a regional study showing the role of transit in the economy, and mapping out the rationale for future investment strategies. Areas like  Hampton Roads , Virginia,  Fairbanks Alaska  and  Austin Texas  in the last year have undertaken significant efforts to define...
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It's Time For Transportation Planning to Account for Economic Uncertainty

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Changes in the administration, debates in Washington, and  ongoing developments in technology, climate change and infrastructure costs make it harder than ever to undertake meaningful transportation plans, corridor studies and prioritize public investments.   Choosing between different mixes of long-term transportation infrastructure investments for such an uncertain future is a bit like trying to walk ashore in a rising tide. As soon as you find your path, it disappears!  The cost of over-build on an asset or transportation system can have life cycle costs that jeopardize an agency’s ability to respond to new challenges. However the societal costs of under-build in terms of safety, congestion and environmental loss can be even more taxing. It is time for transportation planners and engineers to consider the implications of different economic trajectories when assessing future traffic volumes and investment needs.  What if energy prices (including motor fuel) rise at triple the price currently anticipated? What if foreign trade...
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Securing Grant Funding for your Rural or Freight Project

To secure funding for projects through the federal TIGER or FASTLANE grant programs, it is critical to demonstrate not only a great project in terms of benefit-cost ratio, but also why the project has economic consequences. Successful TIGER grants for highway or bridge projects have tended to go to applicants who can show community or regional benefits. The new FASTLANE grant program seeks applications that can demonstrate national freight significance and visible economic outcomes. Rural and freight projects can easily be overlooked if the sources of benefits are not understood to go beyond the regular travel time, reliability and mileage savings. In rural areas, where traffic volumes are often low – a strong accessibility and livability case can be essential to a strong application. In 2014 EDR Group performed the Benefit-Cost analysis for the largest TIGER award given that year – the Kentucky Mountain Parkway Extension. Access to state parks,...
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Incorporating Qualitative Factors in Transportation Decision-making

When funds are short, agencies are often challenged to justify decisions about which projects to do and not to do. One way that agencies address this situation is by conducting cost-benefit analysis, which quantifies all of the potential benefits of projects relative to their costs and compares which investments seem to offer the best outcomes for the money. Agencies may use cost-benefit analysis to justify a particular project (showing its benefits are more than its costs) or to rank projects based on which ones offer the most benefits per dollar spent (often regarded as a ‘prioritization’ process). Using economic methods to compare the benefits of projects can be an extremely useful and powerful tool both for decision making and for explaining choices to stakeholders. However, challenges arise when agencies find that there are “intangible” (or difficult to quantify) outcomes which are known to be important.

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What’s Really New? Public-Sector Cost-Benefit Analysis and the Triple Bottom Line

Increasingly, agencies are interested in understanding the benefits of their investments in terms of the "triple bottom line" or (TBL).  TBL is often presented as a new and important type of analysis in transportation and economics.  It is important for planners, economists, and others involved in transportation decisions to understand what this means, and how it relates to the current state of the practice in transportation economics.

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