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.
SEE ALSO: What Are The 10 Busiest Highways in the US?
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]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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