Do you ever sit in traffic, car slowly inching forward, and wonder
how much money you're losing as your fuel gauge moves towards empty? According to a new study commissioned by the Metropolitan Planning Council, the time you lose in traffic may actually cost you more than the gas.
The
council estimates that the Chicago region loses $7.3 billion a year to traffic
jams. And wasted man-hours are the major contributor. Greg
Hinz explains:
The key finding is that, assuming that the time of someone stuck in traffic is worth an average of $14.76 an hour, the total value of wasted commuting time annually in the metropolitan area is $5.1 billion, with the typical driver losing an estimated 66 minutes a week to congestion. The remaining costs come in the form of wasted gasoline and diesel fuel, higher operating costs for freight and other businesses, and environmental damage.
Congestion and its costs are the worst in Cook County and Chicago, and generally far less in the collar counties, though Lake County is higher than other suburban areas, according to the report. But, in a surprise finding, most of the delays occur not on expressways but on arterial streets
In addition, the study claims that congestion costs Chicago's freight industry about $1 billion year and another $33 million annually in damage to the environment. While the report is short on answers, it does advocate one obvious solution that would decrease traffic and reduce unnecessary fuel consumption: a major investment in public transportation.
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