5
6
7
8
10
11
12
13
14
SCENARIO Chicago to:
110
220
St. Louis*
1,777,000
1,777,000
Minneapolis
2,558,000
3,209,000
Detroit
2,348,000
3,131,000
TOTAL
6,683,000
8,177,000
*Chicago to St. Louis operates at 220 mph in both scenarios
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CHICAGO Measure
Unit
110 mph*
220 mph
2035 Employment
Jobs
19,351.0
42,200.0
2035 Output (Sales)
$m per year
$2,702.2
$6,087.3
2035 Value Added (GRP)
$m per year
$1,560.3
$3,554.8
2035 Wages
$m per year
$1,080.1
$2,466.6
*Chicago to St. Louis operates at 220 mph in both scenarios
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17
18
SCENARIO Orlando to:
161 / 186
220
St. Petersburg
1,812,000
1,968,000
Miami
4,414,000
4,571,000
TOTAL
6,226,000
6,539,000
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ORLANDO Measure
Unit
168 / 186 mph
220 mph
2035 Employment
Jobs
20,984.0
27,453.0 $2,942.4
2035 Output (Sales)
$m per year
$2,240.1
2035 Value Added (GRP)
$m per year
$1,295.5
$1,706.1
2035 Wages
$m per year
$ 877.4
$1,155.8
These estimates of the potential economic impact are meant to be interpreted as potential impacts dependent on: (a) Full implementation of the proposed HSR system, (b) A metropolitan economy that remains healthy and continues to grow over the next twenty years, and (c) Supportive public policies and infrastructure investments to allow the benefits of HSR to be realized, and the projected additional business development to occur.
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21
22
SCENARIO Albany to:
79/90
110
220
Buffalo
430,000
473,000
591,000
Montreal
179,000
194,000
304,000
NYC
1,517,000
1,573,000
2,120,000
Boston
389,000
409,000
556,000
TOTAL
2,515,000
2,648,000
3,571,000
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Key Economic Impact Findings
In all four cities, the introduction of HSR services will significantly increase jobs, wages, business sales, and value-added. Results particularly point to an increased economic payback when travel time between cities is between two to three hours. According to the study, full implementation of high-speed rail by 2035 will result in the following benefits: • In Los Angeles, up to $7.6 billion per year in new business, including $4.3 billion per year in Gross Regional Product (GRP) growth and up to 55,000 jobs. • In Chicago, up to $6.1 billion per year in new business, including up to $3.6 billion per year in GRP growth and between 19,000 and 42,000 jobs. • In Orlando, up to $2.9 billion per year in new business, including up to $1.7 billion per year in GRP growth and between 21,000 and 27,500 jobs. • In Albany, up to $2.5 billion per year in new business, including up to $1.4 billion per year in GRP growth and between 4,250 to 21,000 jobs.
In all four cities, the potential long-term economic impact of proposed high speed rail service will grow over time as service is fully implemented and savings in travel time, expenses, and congestion reduction are realized. Executive Summary This report assesses High Speed Intercity Passenger Rail’s (HSR) economic impact on local and regional economies. It examines job creation, the effects of improved market access, greater connectivity, work-related travel time savings, as well as increased income and business sales. Four cities—Los Angeles, Chicago, Orlando and Albany (N.Y.) —were selected to represent metropolitan areas impacted by planned high-speed rail. Each represents different-sized communities in different parts of the United States. Each also faces differing economic opportunities depending on the service speeds provided. All cities, however, shared the following in common when it comes to promoting economic growth:
First, HSR service can help drive higherdensity, mixed-use development at train stations. In Chicago, the Central Area Action Plan calls for development of new office development enabled by a coordinated strategy of local transit, HSR, and airport express connectors. Current plans for the expansion of Chicago’s Union Station call for the addition of an 18-story tower over the station. At the Albany-Rensselaer station, plans have been announced for DeLaet’s Landing, a mixed-use office, residential, and hotel development at an adjacent site. In Orlando, plans call for a new “Medical City” technology park next to the airport and its HSR station and for hotel construction surrounding the International Drive station. In Los Angeles, the Alameda District Master Plan envisions large-scale mixed-use development adjacent to Union Station. The local development stakes are high in each city. If implemented, development at Albany-Rensselaer could support 2,000 jobs; Chicago, 5,000 jobs; Orlando, 10,000 jobs; and Los Angeles, 10,000 jobs.
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