Economic Research Group confirm benefits of rapid transit

A recent study by the University of North Texas Econimic Research Group (ERG) revealed that transit orientated developments (TOD) in the Dallas Area Rapid Transit (DART) service area generated nearly USD 1BN (EUR 905.9M) in direct spending and created 11,000 jobs between 2019 and 2021.  

 

The study evaluated real estate development within a quarter mile radius of DART stations and their findings confirm long standing beliefs held amongst economists, real-estate developers and transit advocates regarding the positive effect of DART on the region's economic vitality. 

 

Focussing on 31 real estate development projects built near DART stations between 2019 and 2021, the study found that DART's TOD projects generated more than USD980M (EUR 888.1M) in direct spending, created 10,747 jobs and generated nearly USD200M (EUR 181.2M) in tax revenue. 

 

The study utilised IMPLAN software to create detailed economic models based on development spending data. DART notes IMPLAN is a tool that calculates direct, indirect and induced impacts of spending and employment. The results underscored the continuous economic growth and development around DART stations. 

 

“Transit services provided by DART are critical to regional mobility. DART’s network is designed to connect riders across city boundaries and provide crucial access to jobs, education, health care, entertainment and more. 

 

Proximity to DART adds value to development. The impact of DART light-rail investments on local development shows residential and office space rent for substantially higher than surrounding projects. In total, development projects near DART stations since 1999 have resulted in an aggregated increased property value of $17.1 billion, with additional contributions to the economy through direct and indirect means such as wage, tax and other economic factors.” said Nadine S. Lee, DART President and CEO.