Modern mass transit is no longer an option for Great Lakes cities; it's an imperative. The environmental and social benefits that accrue to cities that invest in rapid public transit are well documented. Now mounting evidence suggests that public spending on transit systems yield significant economic returns as well.The streetcar is a particularly stong economic engine, according to a presentation at the recent Railvolution conference in Chicago. Among the findings:
- Little Rock, Ark., opened a 2.5-mile route in 2004 at a cost of approximately $20 million and already has experienced more $1.2 billion in new development.
- Tampa's 2.3-mile, $56 million streetcar system, opened in 2003, already has leveraged $1 billion in private investment.
- Tacoma's $89 million streetcar system, opened in 2003, already has generated nearly $1 billion in redevelopment.
