Economic Impacts and Transportation Projects

Abstract

Insights into available methods of evaluating the economic impact of transportation projects or programs on the state or local economy are presented. Applications as examples of analysis potential rather than on the methodologies used in the anlysis are examined. Three quantitative economic models are used to generate the examples: (1) The Economic Impact Forecast System model available through the Univ. of Illinois Environmental Technical Information System; (2) the Regional Economic Models, Incorporated model used by the Illinois Department of Energy and Natural Resources; and (3) the Regional Science Research Institute model available through the Northern Illinois Univ. Center for Governmental Studies. The use of these models in evaluating the economic impact from implementation of transportation projects or programs is shown. Applications vary from estimation of the impacts of project implementation to scenario testing for alternative capital programs. Descriptions of model data requirements and output are provided, as well as general descriptions of model characteristics.