THE MASS TRANSIT CURE
Mass transit systems – especially bus networks – are increasingly being viewed not only as the best method for reducing urban traffic congestion but also for cutting air pollution levels, resulting in economic benefits for cities and states.
For example, a recent study commissioned by Chicago Metropolis 2020 (a business-based civic organization) called “Time Is Money: The Economic Benefits of Transit Investment,” found that the $1.68 billion minimum annual investment needed to maintain Chicago’s current mass transit systems would result in at least a 21% return on investment for the region's economy – primarily from less traffic congestion.
Forgoing that investment, however, would result in job losses, more crowded highways, slower mass transit and a region that will no longer be such an attractive place to raise a family and run a business, says the report. More traffic congestion alone would cost the regional economy surrounding Chicago more than $2 billion per year, he added.
The study also found that if the Regional Transportation Authority (RTA) boosted mass transit funding to $2.4 billion a year, it would return as much as $3.86 billion in measurable annual benefits for the six-county region around Chicago – a 61% annual return on investment.
