The American Public Transportation Association (APTA), which is in no way affiliated with ratpag, released an update, sometime in the past few weeks, we guess, to their Economic Impact of Public Transportation Investment report. Now ratpag only skimmed it, because we’re constantly scheming and dealing with different matters and don’t have the time to read every word of a 55-page report, but you should read it – all of it.
ratpag was able to trick several grad students into reading the entirety of the report and making a one-page bullet-point summary for us to use here, which is presented below (technically, that would make it seem as if ratpag did read the report, but, also technically, those grad students do not work for ratpag because they are not paid. But yes, we will be giving very convincing and praiseworthy letters of recommendation to all of our participants!):
- Increased public transportation investment can lead to significant economic growth (p. iii)
- Under such a scenario of sustained higher investment in public transportation, the impact by the end of the 20-year period would represent a ratio of more than $3.7 billion per year of annual GDP per $1 billion invested annually (p. iv)
- …approximately 50,731 jobs per $1 billion invested in public transportation (p. iv)
- Investment in public transportation facilities and systems affects the economy in two ways: (1) through long-term cost savings and business productivity benefits that accrue as a result of pubic transportation services, and (2) through the infusion of spending on worker wages and purchases of materials and services (p. 12)
- Net annual household savings of relinquishing 1 full-sized sedan and using transit instead: $10,103 (p. 22)
Read the whole thing? Tell us what you thought – we’ll give you a strong recommendation, too!
Oh, and thank you, APTA, for writing the report.