DART light-rail stations generate $7 billion in TOD
Dallas Area Rapid Transit (DART) light-rail stations have attracted more than $7 billion worth of new or planned development within a quarter mile of the stations, the agency announced yesterday.
That's according to a new report prepared on behalf of DART by University of North Texas (UNT) researchers, who also determined that this activity generated more than 43,000 jobs and nearly $3 billion in wages, salaries and benefits in 2014 and 2015, DART officials said in a press release.
Projects that are completed or under construction have been responsible for $2.03 billion in total spending throughout the region, while potential spending for planned or proposed transit-oriented development (TOD) projects could result in an additional $5.1 billion, according to the report.
"DART, and the projects around it, will sustain our continued growth," said UNT economics professor Michael Carroll, who led the study. "This very rapid increase in investment and development activity around DART stations reflects the improvement in our regional economy. More important, this proves the wisdom of regional leaders in building a regional transit network like DART.
Report: http://www.dart.org/about/economicdevel ... 102516.pdf