Green Transportation Sparks Development
May 30, 2017 11:30PM
A new study from the Economics Research Group at the University of North Texas looking at the economic impact of publicly funded projects near the light rail stations of Dallas Area Rapid Transit (DART) demonstrates what economists and private real estate developers have seen for nearly two decades—DART Rail is driving the North Texas economy.
Researchers looked at 11 public projects such as Parkland Hospital, the Irving Convention Center and the Hatcher Station Health Center between 1999 and 2015 and found those types of projects are valued at $1.8 billion. Combined with privately funded transit oriented development, $10.8 billion has been invested near or along the DART 93-mile light rail system since 1999.
The updated study was presented at a meeting of the Urban Land Institute on May 11. Previous studies by UNT researchers looked at TOD projects like Mockingbird Station or CityLine and identified more than $7 billion in economic impact from new or planned construction within a quarter mile of rail stations.
Researchers concluded the projects studied represent not only the region’s commitment to multimodal transportation options and an urban landscape that reflects the importance of those options, but billions of dollars in economic activity and tens of thousands of jobs throughout the region.
“Public transportation transforms cities,” DART President and Executive Director Gary Thomas states. “It not only provides connections to great destinations; it can be the catalyst for economic growth and community renewal.”
For more information, visit DART.org/economicdevelopment.