A study of past and prospective business development around rail transit stations in the Washington DC area. Washington has one of the very few new and extensive rail transit systems in America, although expectations of transit system-induced revitalization in this area have not uniformly been met. This book develops an econometric model of local development (LOCDEV) around major public investments, applies it to the existing Washington transit system, and uses it to forecast future development levels around new stations. The book includes a user's guide to the LOCDEV model and concludes with reflections on modelling and forecasting.

This report will be of interest to transportation economists and other analysts to assist them in selecting methods to conduct economic impact analyses of transit investments. Although the primary goal of public transportation investments is to improve mobility, economic benefits are also important to transit investment decisions. Consequently, it is important that reliable and defensible analytic methods are used to support decisionmaking.