Today the LA Streetcar released the findings from its economic impact report, and the results are excellent.  The study by AECOM projects the 4.75 mile streetcar loop will induce $1.1 billion in economic development to Downtown LA by 2035, including 2,100 permanent jobs, 2,600 new housing units, $24.5 million in annual spending, $1.9 million in annual city revenue, and 7,200 construction jobs (versus a baseline growth alternative).  The results are no surprise, judging by the tremendous economic benefits in Portland and Seattle.  What's most interesting about this study, however, is that it separates and directly quantifies the additional benefits that a streetcar will bring to Downtown LA—something that the Oakland Streetcar Plan could not do.  I highly recommend looking through the resources that the LA Streetcar has put together; they are the best out there.

NPR has an good article today about the transformative economic impacts that light rail is having across the nation, even in bad times.  The article focuses on major redevelopment efforts in Denver around its light rail system, as well as the redevelopment potential around the D.C. Streetcar.  While this blog tends to focus on streetcar development, this article demonstrates that similar economic trends can be seen across the nation in larger light rail systems as well, whether its in Denver, Phoenix, San Diego, or Minneapolis.

The Broadway Shuttle has proven to be a huge success thus far in Oakland.  The San Francisco Chronicle reports that after less than five months of service, ridership has grown to nearly 2,000 passengers per day.  The city is now close to expanding service until 1am on weekends to tap into the emerging dining and entertainment destinations in the Downtown, Uptown, and Jack London Square areas.  The success of the shuttle further demonstrates the positive economic impacts of expanding transportation options along the corridor, and bodes well for the city's long-term goal of replacing the shuttle with a streetcar.

Check out this great article from the Cincinnati Streetcar analyzing the economic development potential of the city's upcoming streetcar line.  The numbers thrown out in the article and study are in fact pretty conservative, considering the outstanding economic impacts in both Portland and Seattle which vastly exceeded expectations.  Full article here.

UPDATE 2/8/2011: For an excellent, detailed analysis of the specific economic benefits derived from a streetcar, see the Los Angeles Streetcar's economic impact study.

With dozens of cities as diverse as Los Angeles, Washington D.C., Dallas, Atlanta, and Cincinnati pursuing streetcars as engines of economic revitalization and smart growth, the 2010s could (once again) be the decade of streetcars in America.  The impetus for America’s renewed interest in streetcars lies in the overwhelming success of the Portland and Seattle Streetcars in serving as development-oriented transit.  This short essay will synthesize the quantitative results of the streetcars in stimulating new development, generating new jobs, and creating new retail destinations.

Streetcars serve as a powerful marketing tool for stimulating development and revitalizing previously economically-depressed neighborhoods.  Unlike buses, streetcars have had a measurable impact on property values due to their permanence, connectivity, and marketability.  In Portland, property values have increased ten-fold in many previously depressed areas along the line as properties along the streetcar become more desirable to build upon.[i]  Because of this significant financial return, property owners in Portland paid 25% of the costs of constructing the Portland Streetcar, while property owners in Seattle paid 50% of total capital costs.[ii],[iii]