THE TRANSIT CAPITAL COST INDEX STUDY

Abstract

This report is intended for use by local, state, and federal officials responsible for the development and/or review of capital budgeting plans for the development and modernization of light and heavy rail transit systems. This report documents the research aimed at improving the estimation of future capital costs for light and heavy rail fixed guideway projects. It addresses the problem of devising a set of transit element cost indices designed to account for inflation in capital cost projections for fixed guideway projects. Specifically, the research produced a set of cost indices for over 60 different guideway project components/elements, for 8 groupings of related elements, and for the overall cost of developing fixed light and heavy rail systems. The research compares the properties of these transit specific cost indices with broader measures of inflation, suggests how they should be incorporated in cash flow projections for proposed fixed guideway projects, and suggests directions for future research.

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