Analyzing the Economic Impacts of Transportation Projects

The main goal of the study is to explore methods, approaches and analytical software tools for analyzing economic activity that results from large-scale transportation investments in Connecticut. The primary conclusion is that the transportation system and users of transportation infrastructure interact with the economy in complex ways, causing economic impacts. Therefore, in order to effectively analyze the economic impact of transportation projects, Connecticut Department of Transportation (ConnDOT) should consider: (1) establishing the role of economic impact analysis in the state’s strategic transportation planning process; (2) adopting an objective, independent and consistent process for conducting economic impact analyses that incorporates the state’s regional, economic and political considerations; (3) building capacity of ConnDOT staff including their understanding of economic impact analysis and the tools used to conduct such analyses for use in the strategic planning process and to support and manage analysts that conduct the analyses; (4) utilizing analysts well versed in the principles of transportation planning/engineering and economic theory, and knowledgeable about the interrelations between the two for the purpose of ensuring validity of the results; (5) establishing a partnership with an organization or consultant with the capacity to conduct economic analyses to achieve consistency in analyses over time; and (6) selecting an economic analysis software model to analyze the economic impact of transportation projects. Of the models considered in this study, currently REMI TranSight and TREDIS are recommended for ConnDOT’s consideration; and customizing and communicating the results of the analyses in meaningful terms for various audiences (e.g., decision makers, stakeholders and the public).

• Record URL:
  • http://www.ct.gov/dot/lib/dot/documents/dresearch/ct-2279-f-13-13.pdf
• 
• Corporate Authors:

  Connecticut Academy of Science and Engineering

  805 Brook Street
  Rocky Hill, CT  United States  06067-3405

  Connecticut Department of Transportation

  2800 Berlin Turnpike
  Newington, CT  United States  06131

  Federal Highway Administration

  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Authors:
  • Konduri, Karthik
  • Lownes, Nicholas
  • Angueira, Jamie
• Publication Date: 2013-9

Language

• English

Media Info

• Media Type: Digital/other
• Edition: Final Report
• Features: Appendices; Figures; References; Tables;
• Pagination: 162p

Subject/Index Terms

• TRT Terms: Economic analysis; Economic impacts; Investments; Software; Strategic planning; Transportation planning
• Geographic Terms: Connecticut
• Subject Areas: Economics; Transportation (General); I10: Economics and Administration;

Filing Info

• Accession Number: 01499645
• Record Type: Publication
• Report/Paper Numbers: CT-2279-F-13-13
• Contract Numbers: SPR-2279
• Files: TRIS, ATRI, USDOT, STATEDOT
• Created Date: Nov 21 2013 9:22AM