Practices for Evaluating the Economic Impacts and Benefits of Transit (2017) / Chapter Skim
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3 chapter one IntroductIon: overvIew and Key Issues MotIvatIon: ProbleMs and challenges Many transit agencies face the challenges of funding, planning, and prioritization decisions with increasingly constrained budgets, aging infrastructure, shifting demands, and needs to ensure sustainable futures. This makes economic analysis increasingly important as a way to inform transit investment decision making, particularly as transit agencies seek to be more accountable to their funders and constituents.
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4 A problem that has faced transit agencies to date is that it is often not a simple task to communicate either the economic impacts or benefits of transit investments and operations. The reason being that there are different ways to view the issue of what constitutes an economic impact or a benefit of transportation.
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5 • Chapter five provides case examples where economic studies were used to improve information dissemination and decision making for transit funding and planning. • Chapter six presents a concluding discussion of findings on the application of economic analysis, including issues faced in conducting studies and reporting findings, remaining challenges, and ways of addressing them.
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6 There is not really a choice of selecting between economic impact and benefit analyses, as they are not substitutes; both serve a purpose. EIA can have broad use for policy, planning, and prioritization as a measure of strategic goal achievement.
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7 has four important implications relating to how economic analysis is applied to assess transit impacts and benefits. They pertain to: (1)
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8 and economic productivity, others address the current social needs for specific population groups, and yet others are intended to help shape urban growth in order to achieve long-term growth goals. The economic analysis can focus on the specific outcome metrics deemed to be relevant, with analysis covering a time frame and level of detail that matches the project size and its goals.
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9 Table 1. For instance, if a project or program is intended to address long-term resource use and climate change, then a national benefit perspective may be appropriate to fully capture all benefits.
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