The Economic and Fiscal Impacts of Development near DART Stations
The purpose of this document is to identify and calculate economic impacts of real estate development projects within a quarter-mile radius of DART light-rail stations. The study is a follow-up to the 2013 analysis completed by this office and analyzes development projects in 2014 and 2015. The values of all projects included in the analysis were determined through a combination of steps, including the use of their estimated values as published in the sources analyzed, cross-checking the properties with the Dallas and Collin county appraisal districts where possible, and augmenting all information with a review by analysts at Cushman & Wakefield. IMPLAN software was used to create an economic input-output model to measure the direct, indirect and induced impacts of the development projects on the Dallas-Fort Worth region.
- A total of 27 private projects were announced in the two-year period, 16 of which were characterized as “Completed or Under Construction” and 11 as “Planned or Proposed.”
- Projects “Completed or Under Construction” are responsible for $2.03 billion in total spending throughout the region supporting over 12,000 jobs paying $703 million in salaries, wages and benefits.
- Projects “Completed or Under Construction” generated $69 million in state and local tax revenue.
- Potential spending for projects “Planned or Proposed” could result in $5.1 billion of total spending in the region, which would support over 31,000 jobs and pay almost $2 billion.
- Potential spending for projects “Planned or Proposed” could generate $160 million in state and local tax revenue.
Over the 2014-2015-time period, the total property values, including “Completed or Under Construction” and “Planned or Proposed,” summed to $3.7 billion. When added to the totals since 1999, total property values near DART stations amount to $10.8 billion.
Read the previous study, “Development Impacts of the DART Light Rail System” that examined the impacts of DART’s light rail system on property development and commercial property lease rates through 2013.