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NTL Classification:AGR-IMPACTS-Economic and Community Development;NTL-ECONOMICS AND FINANCE-Economic Impacts;NTL-PLANNING AND POLICY-PLANNING AND POLICY;NTL-HIGHWAY/ROAD TRANSPORTATION-HIGHWAY/ROAD TRANSPORTATION;
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Abstract:Federal transportation regulations and law direct State and local transportation agencies to account for economic development plans in transportation planning processes. While Federal law is not prescriptive about how State and local agencies account for economic development, there exists a need for better understanding of how highway projects can support economic development and the economic competitiveness of local and regional economies. This document is a primer on economic development, and includes a glossary of relevant terms, discussion of available economic analysis methods and tools, and descriptions of current practice in estimating economic development impacts by agencies of different sizes. The primer focuses on economic development concepts and economic development impacts generally, in the context of discussing the role of highway investment within a package of economic development actions and policies.
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