Early Stage Benefit Cost Analysis for Estimating Economic Impacts

This study reviewed the various software packages and other methods in use for estimating the economic impacts of proposed transportation projects. A total of 13 economic software packages were examined as potential applications in meeting Kentucky Transportation Cabinet's (KYTC’s) business needs. It was determined that only the TREDIS model from the Economic Development Research Group, Inc. or the TranSight model from Regional Economic Models, Inc. could potentially meet Kentucky’s needs as defined in the project. Both the TREDIS model and the TranSight model are comparable in their economic forecasting abilities. They are also similar in that both require the input of data from a travel demand model—usually HERS. The economic benefit outputs for both models are the same including predicted: employment by industry; output by business/industry; wage rates; and gross domestic/regional product. The TREDIS model appears to calculate economic benefits for a wider range of transportation projects, mostly the smaller scale types such as intersection reconstruction. But the REMI-TranSight model will be more economical to acquire and run over the long term and has a longer list of clients.

• Record URL:
  https://doi.org/10.13023/KTC.RR.2006.11
• 
• Corporate Authors:

  University of Kentucky, Lexington

  Kentucky Transportation Center
  College of Engineering, 176 Raymond Building
  Lexington, KY  United States  40506-0281

  Kentucky Transportation Cabinet

  200 Mero Street
  Frankfort, KY  United States  40622
• Authors:
  • Kreis, Doug
  • Howell, Brian
  • O'Connell, Lenahan
• Publication Date: 2006-6

Language

• English

Media Info

• Media Type: Web
• Edition: Final Report
• Features: Appendices; Figures; Tables;
• Pagination: 59p

Subject/Index Terms

• TRT Terms: Benefit cost analysis; Economic benefits; Economic impacts; Intersections; Reconstruction; Software packages; Transportation; Travel demand
• Subject Areas: Economics; Finance; Planning and Forecasting; Transportation (General); I10: Economics and Administration; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01032957
• Record Type: Publication
• Report/Paper Numbers: KTC-06-11/SPR3O6-05-1F
• Contract Numbers: SPR3O6
• Files: TRIS, STATEDOT
• Created Date: Sep 11 2006 4:21PM