A new study commissioned by APTA reveals that public transportation investments can yield a 2-to-1 return for local “innovation districts” defined as communities with a cluster of business incubators, startups and anchor institutions (such as academic or research facilities).
Further, public transportation is the catalyst that attracts most knowledge workers to live and work in these high-growth business centers, according to the findings. In the study titled Public Transportation’s Role in the Knowledge Economy, researchers examined public transit’s role in three emerging high-tech “innovation districts:” Silicon Beach, CA; Austin, TX; and Research Triangle, NC.
According to the analysis, if these three knowledge-based R&D communities were to fully implement their respective long-range transportation plans by 2035, it would result in:
- More than $174 billion in cumulative business sales
- $76.1 billion in wage income
- $106.5 billion in additional gross domestic product for the US economy
“Ultimately, investment in local public transit helps generate new economic activity and yields a huge profit to local companies in the area,” said APTA President & CEO Michael Melaniphy. “It also provides tremendous benefits for the entire community, even after subtracting the cost of the ongoing investment in the local public transit system.”
Read the full study on the APTA website here.