ABSTRACT

Impact of the COVID-19 Pandemic on Public Transit Funding Needs in the U.S. [May 5, 2020]   [open pdf - 0B]

From the Executive Summary: "Due to the virtual shutdown of the nation's economy caused by the COVID-19 [coronavirus disease 2019] pandemic, US transit agencies are facing an overall funding shortfall of $48.8 billion between CY [calendar year] 2020 Q2 and the end of CY 2021. Even with the infusion of $25 billion provided by the Congress in April through the CARES [Coronavirus Aid, Relief, and Economic Security] Act, transit agencies will still face a shortfall of $23.8 billion through the end of CY 2021. Nationally, transit ridership and fare revenues were down in April 2020 from April 2019 by 73% and 86%, respectively. Further, decreased transit capital spending across the country may result in the loss of 37,000 construction jobs in CY 2020 and 34,000 jobs in 2021 due to project delays and cancellations. When the economy begins to recover, transit agencies will still be challenged with severe fiscal constraints. These constraints stem from social distancing requirements that reduce vehicle capacity, increased costs of facility and vehicle cleaning and disinfection, and some displacement of ridership resulting from greater acceptance of decentralized work locations adopted during the pandemic. For these reasons, assuming the economy recovers in line with current epidemiological projections and related unemployment level forecasts, ongoing depressed ridership translates to quarterly transit revenue gaps ranging between $4.2 billion and $8.1 billion through the end of CY 2021."

Publisher:
Date:
2020-05-05
Series:
Copyright:
EBP US; American Public Transportation Association
Retrieved From:
American Public Transportation Association: https://www.apta.com/
Media Type:
application/pdf
URL:
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