Life Cycle Costs and Benefits Analysis of Freight Transportation Projects

FreighTEC uses outputs from FreightSIM to derive travel time estimates for proposed freight projects. FreightSIM, however, is static with regards to time periods, that is, it only predicts traffic for a base and future year. FreighTEC was originally designed to maximize its compatibility with FreightSIM and therefore, it predicts the investment benefits for specific years, consistent with FreightSIM output. To overcome this limitation, this project will develop a methodology and update FreighTEC to forecast project travel time gains, project costs and benefits, and direct and indirect induced impacts over both the lifecycle and any given year of a freight transportation project. The proposed work will develop several add-on functions to the Florida Freight Transportation Economic Impact Kit (FreighTEC). These new functions will enable FreighTEC to estimate the total costs and benefits of the entire lifecycle of a freight transportation project as well as evaluate detailed costs and benefits for any specific year. By working closely with engineers, economists and staff from Florida DOT, and in consultation with the Highway Economic Requirements System (HERS), the project will develop the following new functions to FreighTEC: calculation of project specific benefits and costs over the life of the project; calculation of project specific costs and benefits at any given year.