If you thought the $8 billion dollar investment needed to realize the Midwest Regional Rail Initiative was shocking, you probably aren't that familiar with the scope of our nation’s transit infrastructure needs. Thankfully, a new report by the Center for Transit Oriented Development -- titled “Jumpstarting the Transit Space Race” -- paints a clearer picture of what’s needed to create a system for the 21st century.

Planning has begun on more than $248 billion worth of new fixed-guideway projects (meaning bus and rail transit) in communities across the United States. Midwestern lawmakers have already proposed over $44 billion worth of projects amd Illinois accounts for just shy of $6 billion, which doesn’t include the modernization of the CTA. But don’t buy the Neo-Hooverite line that this is too much money to spend in the midst of a recession. Expansionary policies are the antidote to economic downturns and the modernization and development of new transit systems is essential to protect our long-term economic and environmental well-being. The authors explain:

All of this evidence suggests that building more transit lines and stations and developing or redeveloping the neighborhoods around them could help make this country energy independent, help Americans save money, and address climate change. Moreover, the real estate market has made billions of dollars of private investment available to help build these new neighborhoods because the housing market is changing in response to the changing demographics of America – boosting interest in neighborhoods near transit. Anecdotal evidence during the past year also suggests that despite the market downturn neighborhoods near transit are holding their value better than conventional development in suburban neighborhoods.

Simply put, this is a space race we must win.

(H/T Matt Yglesias)

Image used under a Creative Commons license by Flickr user Broken Bat.