TRANSIT MOVES THE ECONOMY

RI is an interesting model of a State grappling  with arguments from two camps on whether the State should continue to invest in mass transient and overall transient solutions.

Last year we did a series of shows with Grow Smart in Providence, and one segment looked very closely at this issue.  We later followed up with a radio show.  You can find both by searching for Renewable Now across the web.

The issue is back in the forefront, up at the State House, and we wanted to update our reports.  We believe the numbers--investment and return--are very similar across many states.  Some, of course, depending on their level of investment and types of transit...buses, high-speed rail--could, in fact, see much higher returns.

We'll invite Grow Smart back on the show to update us on the final vote on this particular bill.  In the meantime here's some interesting data to look at:

MOVING RHODE ISLAND’S ECONOMY


How can an investment of $1 return $4 in
economic gains?

Where can a $1 Million capital investment yield
$3 Million in business sales alone?

Rhode Island is losing population1. By 2020,
we may be at risk of losing one congressional
district – which will mean huge losses of revenue
for the state. How do we reverse this trend so
that we actually gain population and keep our two
congressional districts?


Public Transportation can generate a 4:1 ratio of return
on investment.

For every $10 million in capital investment in Public
Transportation, there will be returns of $30 million in
business sales alone.

RIPTA fixed route ridership increased by about 11%
from 2010 to 2012.

In 2010, the city that gained the most population
was Providence, which has the most extensive Public
Transportation facilities in the State.

Fewer teens today are getting their driver’s licenses and
more 20-somethings aren’t sold on owning a car. Instead
they are … moving to cities where mass transit makes
car ownership optional.

America’s young people are decreasing the amount
they drive and increasing their use of transportation
alternatives.


Metropolitan regions throughout the country are
becoming increasingly reliant on college graduates to
grow their economic bases, citing (among other factors)
extensive and readily accessible public transportation,
and short commutes increased graduates’ likelihood
of moving to or staying in a
particular place.


A “white paper” by a
Massachusetts economic
development firm noted that:
“Investing in transportation
creates jobs and income that
largely remains within the
Massachusetts economy.


Investing to improve transportation system performance
saves residents and businesses time, fuel and money, and
expands markets for goods, services and employment.
Conversely, failing to invest adequately in transportation
can have the opposite effect, costing our state its
economic competitiveness.


“Public transportation is another factor that companies
are paying attention to, both in the communities where
they do business and in the communities that they may
decide to move or expand into”.