United States Department of Transportation
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Implementation of Action 6 of the California Sustainable Freight Action Plan (CSFAP) Phase 4: Tracking Economic Competitiveness Final Report Part 2: Economic Impacts of Investment in Public Truck Parking Facilities in California
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2024-03-01
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[PDF-5.02 MB]
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Alternative Title:Economic Impacts of Investment in Public Truck Parking Facilities in California
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Edition:Final report (August 15, 2021 – December31, 2023)
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Abstract:The purpose of this research is to examine the macroeconomic impacts of eliminating the statewide truck parking shortage. We compare the costs of constructing and operating the additional spaces with the savings in productivity, emissions, and safety. We estimate the magnitude of the parking shortage for the period of 2025-2035. We estimate a total shortage of about 7,000 spaces by2035. Total capital costs are $579 million, and the annual operations and maintenance cost is about $15.3 million. We estimate the value of costs avoided by eliminating the parking shortage. The largest savings is in safety, at $3.7 billion in avoided deaths and injuries. Macro-economic impacts are estimated using the REMI- PI+ model. Total impacts on gross state product (GSP) in net present value (NPV) is $964 million, about two thirds of which is due the stimulus from construction. Results depend on assumptions of capital funding sources. We conclude that eliminating the truck parking shortage in California would lead to modest but positive macroeconomic impacts even if some of the funding were taken from existing state programs. It would also result in significant safety impacts.
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