Many transportation agencies worldwide are considering new construction or expansion of existing light rail transit systems to alleviate congestion among other reasons. A vital component of such initiatives is a reliable cost estimation tool for the transit system?s physical assets (fixed and movable) among other cost categories. This paper synthesizes past studies related to light rail transit costing, presents updated average costs, and develops cost models for predicting the cost of rolling stock and fixed facilities for light rail transit mode. The paper sheds more light on the influence of the cost factors and confirms that scale economies exist in the construction of light rail fixed assets and purchase of its rolling stock. For agencies seeking to establish or expand their light rail transit systems, the cost values and models presented in this paper not only offer a tool to predict future costs of capital investments in rolling stock and fixed facilities, but also allow for diagnostic analysis such as evaluating the changes in capital costs in response to changes in the cost factor levels. In doing so, the models may facilitate transit management functions of light rail transit including long-term funding needs assessment, policy formulation, budgeting, planning, and programming.
Abstract