Sitting in bumper-to-bumper traffic might cost you more every year than you would think.
According to a recent report, traffic congestion costs Americans $124 billion in direct and indirect losses last year and that number could rise to $186 billion in 2030. The study found that $78 billion in losses came from time and fuel wasted in traffic while $45 billion was the total of indirect costs businesses passed onto Americans. Not surprising, L.A. accounted for nearly 20 percent of the country’s total congestion costs.
The study comes from the London-based Centre for Economics and Business Research which also said the combined annual cost of traffic in the U.S. and Europe could rise to $293 billion by 2030, marking a 50 percent increase compared to last year. It also revealed that by 2030, the average American household is expected to incur traffic-related costs of $2,301 per year, a 33 percent increase from 2013. Unfortunately for Europeans, their costs are expected to be much higher with the average household in the U.K. expected to pay $3,217 annually.