Stringer: Subway Delays Could Cost City's Economy Up To $389 Million A Year
NEW YORK (CBSNewYork) -- A report released Sunday by New York City Comptroller Scott Stringer said subway delays could be costing the city's economy up to almost $400 million a year.
The report said delays of twice the normal wait time of five minutes may cost workers and businesses $170.2 million a year, while delays of three times the normal wait time – or a total wait time of 15 minutes – could cost $243.1 million, and delays of five times the normal wait time – or 25 minutes – could cost $389 million.
The costs per year were calculated using data on ridership, delays, and wait times for trains from the Metropolitan Transportation Authority, and average hourly wage data from the Bureau of Labor Statistics.
READ THE REPORT: The Economic Cost Of Subway Delays
About 1.365 million people take the subway each workday morning, and every delay means lost time in arriving at work, stringer's office noted.
Delays on the 5, A, 7, F, and 4 subway lines are the most costly according to the Comptroller's office calculations, totaling $140 million a year combined.
There is no question our subways are in crisis after decades of underinvestment and inaction. With the 'Summer of Hell' fading into what could be a 'Fall of Frustration,' every level of government needs to step up," Stringer said in a news release. "Our subway system is the backbone to our economy. That means with every delay, there aren't just lives affected – there's an economic consequence."
