Traffic Jams Cost Americans $124B Annually: Report

Traffic Jams Cost Americans $124B Annually: Report

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.

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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.

[Source: Forbes]