Traffic is doing more damage to our wallets than our patience.
Last year, traffic congestion robbed the US economy of $124 billion. Without any way to alleviate congestion, this cost will likely increase 50 percent to $186 billion by 2030.
If that seems bad, the cost over the 17-year period is estimated to be $2.8 trillion, or the same amount U.S. citizens paid collectively in U.S. taxes last year, according to the report by the Centre for Economics and Business Research (Cebr) and INRIX, Inc.
The new report is the first of its kind to quantify the direct impact on drivers in terms of fuel and wasted time as well as indirect costs to US households resulting from businesses passing these same costs to consumers in the form of higher prices for services and goods.
"The report reveals an ominous forecast for the US if traffic continues to impede the flow of people and commerce to the degree is does today," said Kevin Foreman, INRIX General Manager of GeoAnalytics, in a statement. "As the economy grows and more people live in urban areas, greater demand is placed on our roads. Until we evolve our approach to how we manage our transportation networks, the individual and societal costs are only going to get worse."
Other important findings include:
- Los Angeles accounted for nearly 20 percent of the total cost of congestion in 2013. Gridlock cost LA drivers $23.2 billion last year and is expected to grow more than $15 billion to $38.4 billion in 2030.
- The monetary value of carbon emissions caused by vehicles idling in traffic in 2013 was $300 million. This is expected to rise to $538 million, totaling $7.6 billion by 2030.
- The yearly cost of traffic for each American household is $1,700. This cost is expected to rise 33 percent to $2,300 in 2030.
GDP growth and population are also expected to drive US increases in traffic congestion, along with fuel costs and vehicles on the road, according to the study.
At least 281 million vehicles are expected to be on U.S. roads by 2030, or 30 million more than there were in 2013.
"The key to deterring these cost predictions is developing long-term solutions that enable more efficient usage of our roads," Foreman said. "This means creating greater connectivity among vehicles and engineering smarter cities to support this connectivity."
INRIX collects real-time data from devices and drivers across four million miles of road in more than 40 countries. It also works with leading automakers like Ford and Toyota and 40 state transportation departments.
Data collected by INRIX allows city and state governments to make smarter investment choices on the road and transit improvements. It also informs transportation policy and powers smart cities applications like:
- Multi-modal navigation services that lets consumers know the fastest mode of transportation to their destination, while providing drivers the ability to navigate the next closest bus or train departure to their destination.
-Navigation services that help cities direct drivers to the closest available parking to their destination, EV charging locations available or the least expensive gas station nearby.
-Adoption of real-time analytics services at the city level that communicate with in-car and smartphone navigation applications, routing vehicles using all available roads and advanced signal timing systems.
-Building the infrastructure to support autonomous vehicle technology that maximizes throughput by getting all vehicles to travel at the same speed during peak hours.
The report also looked into the cost of traffic in the UK, Germany and France, and the most congested cities in each location.
Results of the study will be shared in greater detail on Oct. 16 during INRIX and Cebr's Webinar at 11 a.m.
Click here for more information on the report or to sign up for the webinar.
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