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Estimated Economic Impact of Widening State Highway 21 in Caldwell, Texas
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1997-06-01
[PDF-5.84 MB]
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Edition:Research: August 1991 - January 1997
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Abstract:The upgrading and widening of highways across the state, especially in urban areas, is causing the directly affected businesses and property owners to inquire about the possible negative economic impacts of such construction. This report documents the during- and after-construction effects of the widening of a 3.75-kilometer (2.33 mile) section of State Highway (S.H.) 21, in Caldwell, Texas. A continuous two-way left-tum lane with curbs and gutters was added between 1991 and 1993. Collected data includes information on abutting business managers' estimation of the construction impact on their businesses and property values, and on the traffic volumes, travel times, and accident rates of the highway. Most businesses' number of usable parking spaces, of customers per day, and of full-time and part-time employees were unaffected during construction. Most business managers thought that sales decreased. Reported sales figures showed a 4 % decrease in sales, which was less severe than the business managers estimated. Appraised abutting property values fell between 1990 and 1992, while land values increased during that time. Property values increased after construction. Direct construction expenditures on this project totaled $6.095 million. The Texas input-output model estimates these expenditures' impacts to be $22.5 million in additional output and 364 jobs fur the statewide economy, including $7.5 million in additional output and 121 jobs for the Caldwell economy. The benefit-cost ratio was 1.54, which means that the motorists are receiving $1.54 in benefits for every dollar spent on the project.
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