Public transportation infrastructure improvements, including sidewalks, trails, crosswalks, and bike lanes, can produce tangible economic benefits and create jobs. According to the America Public Transportation Association, every $1 invested in public transportation generates $5 in economic returns.
It also benefits businesses to have access to a broader, more diverse, and specialized labor market with the opportunity for greater productivity due to faster commute times and more accessible transportation. In addition, residents have easier work and shopping access through more interconnected transportation, which translates into a wider customer market, increased productivity for business, and more economic growth.
Accessible public transit, interconnected trails, and vibrant streets are all key contributors for our community to have the urban amenities needed to help attract businesses and employees. With our community growing and people moving here, it’s important that this infrastructure is in place to ensure connectivity and a great quality of place.
In addition, according to the National Association of Realtors, recent studies have confirmed living near trails and greenways will likely raise property values an average of 3-5% and sometimes even as high as 15%. Public transit can also increase the development potential of real estate near transit routes and stations, and thereby increase property values.
So, investing in a quarter cent sales tax could be an investment in the future of economic development for our community.