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Economic Impact Tools and Models: Are they Useful?

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Infrastructure investment proposals can generate intense public discussion , and when it occurs, there is almost inevitably talk about how the project will (a) hurt the local economy, (b) save the local economy or (c) both. When the latter occurs, it is often because there are two factions – supporters and opponents. Of course, what is often missing is objective information to help guide and control these fears, hopes and allegations. That is where economic models and tools both come in. What is the difference between models and tools? EDR Group has been working in this field for 20 years now, and yet we still see ample confusion on this topic. Here’s a try at answering the question: A TOOL helps people carry out a function, so a “decision support tool” can be any method or process that helps people assess alternatives. In the case of transportation investments, this includes...
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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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Innovative Infrastructure Finance

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Every four years, the American Society of Civil Engineers (ASCE) grades the condition of U.S. infrastructure on a scale of A through F. Since 1998, America’s infrastructure has earned persistent D averages. Underinvestment is a much-studied topic. EDR Group’s recent report on this issue to ASCE "Failure to Act: Closing the Infrastructure Investment Gap for America’s Economic Future” found that the most significant investment gap across all types of infrastructure is in the transportation sector, where $1 trillion in additional investment is needed over the next ten years.  The U.S. funds federal spending on highway and transit projects through a variety of user fees that pay into the Highway Trust Fund (HTF). Fuel taxes contribute the largest share of revenues by far. In FY 2014 they constituted 87% of the HTF’s tax revenues . However, over the past 10 years spending from the HTF began exceeding revenues, a condition forecast...
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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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