Featured Research

from universities, journals, and other organizations

Economic Payoff Of Proposed Streetcars In Cincinnati Examined

Date:
August 27, 2008
Source:
University of Cincinnati
Summary:
The University of Cincinnati is a proposed station stop along what may one day become a four-mile streetcar system in Cincinnati. Scientists have analyzed whether the costs and benefits of such a system have been rigorously and accurately projected.

The University of Cincinnati is a proposed station stop along what may one day become a four-mile streetcar system in town. As such, UC recently turned to an internationally recognized economics researcher to help analyze whether the costs and benefits of such a system had been rigorously and accurately projected.

That researcher is the university’s own George Vredeveld, director of the Economics Center for Education & Research at UC, who collaborated with Jeffrey Rexhausen, associate director of research at the center and G. Irem Yelkanci, research assistant. Other U.S. cities and even other countries frequently turn to Vredeveld and the center to help sort out labor, development, environmental, small business, transportation and other issues impacting regional economics.

“Grading” the recently completed HDR Streetcar Feasibility Study

UC and the Economics Center for Education & Research are releasing a report today. This Assessment of the Cincinnati Streetcar Study “grades” the in-depth streetcar report (the HDR Streetcar Feasibility Study) completed in 2007 on behalf of the City of Cincinnati by HDR, Inc., of Omaha. The report also includes a description of howstreetcars have affected other cities.

“We applied the smell test to the HDR study,” said Vredeveld, meaning he compared the process and methodology of other studies to that of the HDR study. The UC center also compared the ridership estimates in the HDR study to actual ridership for the Memphis and Portland, Oregon, streetcar systems.

“And we found that HDR was in the ballpark,” Vredeveld stated, regarding both ridership and economic-development payoffs in the form of increased property values, business development, employment and tax revenues along and close to the streetcar line.

Looking at what critics have to say

The UC center also closely examined criticisms of mass transit, specifically from the Cato Institute as applied to Portland, Oregon. They found that most of the criticisms don’t apply to Cincinnati streetcar proposals. That’s because the focus of the Cato Institute critique of Portland were more broadly based objections to the political process and a regional transit system– not related to any dispute of ridership and development results related to streetcars.

Conclusion

Cincinnati is on the right track in considering a streetcar system, according to Vredeveld. The likely average net economic payoff of $315.8 million, as estimated by HDR over a 35-year period, is sound, as is HDR’s most conservative net economic payoff estimate of $186.8 million over 35 years. Even if this most conservative payoff comes to pass, “the proposed streetcar system is economically worthwhile,” said Vredeveld.

Additional details

The current proposal for a Cincinnati streetcar system calls for a four-mile looped system that travels from Cincinnati's riverfront, near the stadiums and the Banks project, through downtown north into Over-the-Rhine, with stops at Music Hall and Findlay Market, and then on to UC. According to this latest report from the Economics Center for Education & Research at UC, the proposed route is a plus because systems that link major activity centers (employment, shopping and recreation) generally experience higher levels of ridership.

For a full copy of the UC Assessment of the Cincinnati Streetcar Study, go to http://www.uc.edu/community/documents/cincinnati_streetcar_white_paper.pdf

For a copy of HDR’s 2007 Streetcar Feasibility Study completed on behalf of the city, go to http://www.cincinnati-oh.gov/city/downloads/city_pdf17754.pdf


Story Source:

The above story is based on materials provided by University of Cincinnati. Note: Materials may be edited for content and length.


Cite This Page:

University of Cincinnati. "Economic Payoff Of Proposed Streetcars In Cincinnati Examined." ScienceDaily. ScienceDaily, 27 August 2008. <www.sciencedaily.com/releases/2008/08/080827163822.htm>.
University of Cincinnati. (2008, August 27). Economic Payoff Of Proposed Streetcars In Cincinnati Examined. ScienceDaily. Retrieved April 17, 2014 from www.sciencedaily.com/releases/2008/08/080827163822.htm
University of Cincinnati. "Economic Payoff Of Proposed Streetcars In Cincinnati Examined." ScienceDaily. www.sciencedaily.com/releases/2008/08/080827163822.htm (accessed April 17, 2014).

Share This



More Science & Society News

Thursday, April 17, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Small Reactors Could Be Future of Nuclear Energy

Small Reactors Could Be Future of Nuclear Energy

AP (Apr. 17, 2014) After the Fukushima nuclear disaster, the industry fell under intense scrutiny. Now, small underground nuclear power plants are being considered as the possible future of the nuclear energy. (April 17) Video provided by AP
Powered by NewsLook.com
Heartbleed Hack Leads To Arrest

Heartbleed Hack Leads To Arrest

Newsy (Apr. 17, 2014) A 19-year-old computer science student has been arrested in relation to a data breach of 900 social insurance numbers from Canada's revenue agency. Video provided by Newsy
Powered by NewsLook.com
Obama: 8 Million Healthcare Signups

Obama: 8 Million Healthcare Signups

AP (Apr. 17, 2014) President Barack Obama gave a briefing Thursday announcing 8 million people have signed up under the Affordable Care Act. He blasted continued Republican efforts to repeal the law. (April 17) Video provided by AP
Powered by NewsLook.com
Yahoo's Ousted COO Gets $58M Severance Package

Yahoo's Ousted COO Gets $58M Severance Package

Newsy (Apr. 17, 2014) According to SEC filings, Yahoo gave ousted COO Henrique de Castro a $58 million severance package. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins