Manchester Enterprises, Metrolink _____________________________________
Volterra recently worked on a project for Manchester Enterprises (ME) to estimate the wider economic benefits and regeneration impacts of the proposed extension to the Manchester Metrolink under the Transport Innovation Fund. Our work showed that without the additional investment in transport infrastructure the City Region risked crowding out one in seven potential future jobs, and losing the associated benefits of increased productivity in the city centre.
Volterra's work quantified the benefits from the pure agglomeration which the extension would facilitate - the productivity returns from firms locating together in an area. The study also quantified the economic benefits from the move to more productive jobs - the impact of the scheme in relieving capacity constraints and thus enabling people to take jobs in the city where productivity is higher.
Furthermore the project also utilised techniques similar to those used in valuing the benefits of the Jubilee Line Extension to consider the impact this transport investment might have upon residential property prices in the area. This found that house prices would rise by up to £12,000 depending upon their location and distance from improved services. This represents a real and tangible benefit to residents along the proposed new routes.
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