In New York City, whether you commute by train, bus, or car, it seems like traffic is inevitable and no matter which route you look at, delays are costing the city a pretty penny.
Last October, the city’s Independent Budget Office published a report that revealed just how much subway delays are costing the city and the number equated to a shocking $864,000 a day when translated into lost work time.
Traffic congestion isn’t much better and according to a study from the Partnership for New York City, it will cost the New York metro area (which includes Long Island, Westchester, Putnam and Rockland Counties, and Northern New Jersey) a whopping $100 billion (!) over the next five years unless something is done (h/t New York Post).
“The Manhattan central business districts, where a quarter of regional economic activity is concentrated, are the primary source of traffic congestion across the region,” says the report. They found that traffic congestion has increased by 53 percent since their last study in 2006 and that has pushed the cost to $20 billion annually. That cost includes travel time, excess fuel, operating cost, and total revenue lost by industry.
The study (PDF!) also determined that people who work in Queens and Manhattan are affected the most by traffic delays, costing the average commuter between $1,500 to $1,900 annually.
Partnership for New York City’s CEO Kathy Wylde is part of Governor Andrew Cuomo’s Fix NYC committee, who is in the process of drafting a plan for congestion pricing in Manhattan. The plan is expected to carve out zones in Manhattan that can then be tolled. It’s expected to come out some time this week.
- $100 Billion Cost of Traffic Congestion in Metro New York [Partnership for New York City]
- Traffic in NYC is killing your wallet [New York Post]
- Subway delays are costing NYC commuters $864K each day [Curbed]
- Congestion pricing plan could lead to random tolls throughout Manhattan [Curbed]
- Cuomo expected to throw his support behind congestion pricing this week [Curbed]