North Texas’ Commitment To Transit Development Yields A Remarkable Eighteen Billion Dollar Impact

The University of North Texas Economic Research Group disclosed findings from a comprehensive 25-year study regarding the economic influence of transit-oriented development in North Texas on Friday.A pivotal discovery in the report indicates that development situated within a quarter mile of DART light rail stations has yielded an impressive $18.1 billion in direct economic impact over the past quarter-century. Notably, this includes a $1 billion direct impact projected for the years 2022-2024. Michael Carroll, PhD, UNT’s economist and the director of the group, remarked, “Given our extensive research, it’s clear that transit-focused development around DART stations drives commerce, tax revenue, and employment.” The report highlighted a rent premium of 10% for residential and 12.6% for commercial properties near DART stations compared to those further away. Furthermore, the developments contributed significantly to job creation, with over 5,295 jobs and $428 million in labor income generated in the last two years alone. In the period 2022-2024, construction around DART stations produced $51.5 million in tax revenue, surpassing figures from the pandemic years of 2019-2021. Nadine Lee, CEO and President of DART, emphasized the economic role of DART in fostering growth and opportunity for North Texas residents. Several innovative projects transforming DART's parking...

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