Evaluation of performance measures for economic development and quality of life in rural Indiana counties
Abstract
An important consideration when identifying and implementing transportation investments is the prospect of fostering economic development. Government agencies are faced with the challenging task of efficiently allocating scarce resources in order to satisfy the physical needs of the state and its communities. This difficult task of prioritizing projects involving urban and rural transportation investments while attempting to satisfy both local and state needs is common among policy-makers. Typically, urban settings provide the greatest opportunity for economic development, due to population density, public infrastructure, and ready markets. Consequently, rural areas may get left behind, becoming more isolated and unattractive from a business, agricultural, and even residential standpoint. Therefore a study is needed to identify a methodology that can accurately evaluate the economic impacts of a transportation investment, with emphasis on rural Indiana. A variety of performance measures could be used when evaluating a potential investment. This study has sought to identify and assess economic development performance measures to be used when evaluating transportation investments in rural Indiana. A list of the twelve most promising performance measures has been compiled, with a corresponding list of their advantages and disadvantages. The list provides a useful framework for economic analysis of rural transportation investments. Also in this thesis is a sample analysis of economic development performance measures to demonstrate the panel data technique that may be used for evaluation. This study recognizes that further research could be performed to further build upon the findings of this report. The additional research could include individual case studies, county-level data analyses, and quality of life studies. Individual case studies would provide a 'real world' application for the economic development performance measures identified and can validate their use. Conducting a county-level data analysis would allow for quantitative comparisons to be made among counties, based on need for economic development as well as the probability of development. The quality of life study would help to address issues that complement the economic development factors in a rural area.
Degree
M.S.C.E.
Advisors
Fricker, Purdue University.
Subject Area
Economics|Civil engineering|Transportation planning
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