METHODOLOGY

An economic analysis using a computable general equilibrium model was performed with available financial data from the studies to assess and quantify the impact of Smart Columbus Program investment. The short-run impact analysis focused on evaluating the projected economic impact during the project (from 2017 to 2021). Long-term effects referred to the projected economic impact generated from the operation of the systems, such as an increase in productivity and travel behavior changes. Total program and project costs were calculated and used as key inputs to the model, including both program and individual project costs. Ten scenarios were developed corresponding to the program-level management, the eight individual projects, and one scenario that represents the total impact of the overall Smart Columbus Program. The impact of each scenario was assessed using data collected through the performance measurement process, mainly the program-level survey that was collected to assess performance measurement indicators for the program mobility and opportunity outcomes.

FINDINGS

Table 1 below summarizes the projected short-run and long-run economic impacts of the overall Smart Columbus Program. The total capital investment implemented during the project development stage was likely to generate a Gross Metropolitan Product (GMP) growth of $147.86 million or a 0.078 percent increase from that at the base-year level. The short-run effects of the Smart Columbus Program investment are likely to generate a job increase of 4,220 from 2018. For the estimated long-run effects, the deployment of the Smart Columbus Program studies and utilization of the services was likely to generate a $671.28 million or 0.538 percent increase in GMP, and 7,039 jobs or an employment increase of 0.3 percent. It is worth noting that the long-run projected impacts had more uncertainty.

Table 1.  Computable General Equilibrium Model Outputs. Source: City of Columbus

The economic analysis results also estimated that each dollar invested in the Smart Columbus Program would associate with an increase of between $1.71 and $2.09 in value added to the local economy.