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Cake day: January 9th, 2024

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  • It’s no secret that New York City’s high density, extensive transit and excellent walkability are fundamental contributors to the lifestyle enjoyed by its citizens. However, as this study shows, these factors are also major contributors to their economic well-being. Because New Yorkers drive substantially less than the average American, they realize a staggering $19 billion in savings each year — money that their counterparts in other metro areas spend on auto-related expenses. And because they spend so much less on cars and gasoline—money that quickly leaves the local economy—New Yorkers have much more purchasing power to spend locally, stimulating the city’s economy. This is New York City’s Green Dividend.

    The Green Dividend is a straightforward, even conservative calculation of the benefits New Yorkers enjoy from driving less. While the average resident of New York City drives about 9 miles per day, the average urban resident in the U.S. drives about 25 miles per day. At an average cost of vehicle operation of 40 cents per mile, this works out to $19 billion in annual savings for New York City residents.

    https://web.archive.org/web/20170207161849/http://www.nyc.gov/html/dot/downloads/pdf/nyc_greendividend_april2010.pdf