$7 Billion Dollar Boom in North Texas
DART leads North Texas economic boom with more than $7 billion in economic impact from new or planned construction within a quarter mile of rail stations.
Transit Oriented Development near Dallas Area Rapid Transit (DART) Rail, like CityLine and the continued growth in the Cedars south of downtown Dallas, is driving the North Texas economic boom with planned construction within a quarter mile of rail stations.
Researchers from the Economics Research Group at the University of North Texas (UNT), determined that DART transit development activity in 2014 and 2015 generated more than 43,000 jobs resulting in nearly $3 billion in wages, salaries and benefits. A 2014 study from UNT identified $5.3 billion in transit-oriented development near DART Rail stations between 1996 and 2013. “DART, and the projects around it, will sustain our continued growth,” Carroll says. “This very rapid increase in investment and development activity around DART stations reflects the improvement in our regional economy.” The transit oriented development is driving the North Texas economic boom with more than $7 billion in economic impact.
The study also projects potential spending for planned or proposed developments could produce an additional $160 million in state and local tax revenue.
“Increased property values and the revenues generated from that is another way Dallas and the other DART cities are benefitting from our investment,” Dallas Mayor Mike Rawlings said. “DART has created new connections to attract developers to fertile areas for investment. We see that transformation in all parts of our city and are excited to see what’s next.”
Investment Paying Dividends
How does public transportation drive an economy? Here in North Texas, new transit-oriented developments are spurring financial growth through tax revenue, jobs and wages. Additionally, spending for new construction boosts incomes, increases local business profits, and provides more funds to support community services. The infographic below illustrates how 28 projects (under construction, completed, planned, or proposed) within a quarter mile of DART rail stations have contributed to the region’s economic growth.
(Click image to enlarge.)
The 93-mile light rail system, the nation’s longest, was built at a cost of $5.5 billion. The most recent extension, three miles, connecting a renewed Ledbetter Station to the campus of the University of North Texas Dallas, opened Oct. 24.
“This study reminds us that transportation is more than a ride from one point to another,” DART President/Executive Director Gary Thomas said. “Developers see the benefit. That’s why they’re putting their money into new live/work/play communities close to our stations. The value of those projects significantly exceeds the regional investment in rail and they are changing the face of our region.”
The Dallas Fort-Worth region is one of the fastest growing nationwide in terms of population, and continues to be the destination for corporate relocations. There have been 11 projects identified in various stages of development, in all parts of the DART Service Area, with a total economic impact of $5.1 billion for the region. The list of projects includes development of the Dallas High School site near Pearl Station, an expanded Southwest Airlines Training Facility, and Northshore and the Irving Entertainment District in Las Colinas.