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Analyzing the economic impacts of transportation projects.
  • Published Date:
    2013-09-01
  • Language:
    English
Filetype[PDF-3.80 MB]


Details:
  • Publication/ Report Number:
    CT-2279-F-13-13
  • Resource Type:
  • Geographical Coverage:
  • Format:
  • Abstract:
    The main goal of the study is to explore methods, approaches and

    analytical software tools for analyzing economic activity that results from largescale

    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, ConnDOT should

    consider: establishing the role of economic impact analysis in the state’s strategic

    transportation planning process; adopting an objective, independent and consistent

    process for conducting economic impact analyses that incorporates the state’s

    regional, economic and political considerations; 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; 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; establishing a partnership with an organization or

    consultant with the capacity to conduct economic analyses to achieve consistency in

    analyses over time; 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).

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