Abstract
Traditional methods for evaluating transportation system investments typically rely heavily on one or two metrics of evaluations, such as vehicle travel time delay and level-of-service measures. Transportation projects often have substantial and significant impacts on many other aspects of society, including the economic vitality of our communities. The focus of this study was a practical one: operationalize a vast literature exploring the theories and findings that describe positive and negative economic impacts of transportation investments, in this case focused on the impacts on real estate value. It was completed with sponsorship from Smart Growth America to develop a pilot application for Washington DOT. The framework described in this manuscript allows analysts to estimate and compare changes in real estate value, and therefore changes in economic vitality, resulting from different investment decisions. The economic impacts estimated in change in U.S. dollar value of single-family residential, multifamily residential, and commercial real estate can be used in combination with other performance measures (e.g., travel time savings, environmental impacts) to evaluate a more comprehensive picture of the impacts of transportation infrastructure. Because this framework was spatially developed, the analyst will be able to more readily identify which neighborhoods and corresponding populations may see the largest impacts on the cost of housing resulting from specific transportation projects. This, in combination with housing expertise and tools developed to understand the displacement of vulnerable populations, could also help agencies anticipate where there would be increased pressure in relation to cost of housing caused by specific transportation projects.
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