High speed rail scheme cost to double to Â£80bn, economists warn:
HS1, the high-speed rail line that connects the Channel Tunnel with London, was initially expected to cost Â£1billion. The final bill was around Â£11billion.
The London Undergroundâ€™s Jubilee Line extension, the biggest rail project before HS1, came in at four times the original estimate in real terms.
And unlike buses, trains require the destruction of everything along their route:
Even though the first train is not due to run along the new line until 2026, values of homes close to the route have already fallen by as much as 40 per cent. Estate agents have said that properties up to a mile from the route are being blighted by the proposed line, with some close to the proposed line failing to sell at any price.
Apparently the UK wants to be Springfield to Detroit’s North Haverbrook.
Everyone’s heard about Detroit’s financial problems. One of the many failed attempts to revitalize their downtown (and to funnel taxpayer money to political cronies) was a train system, the Detroit People Mover:
The Mover costs $12 million annually in city and state subsidies to run. The cost-effectiveness of the Mover has drawn criticism. In every year between 1997 and 2006, the cost per passenger mile exceeded $3, and was $4.26 in 2009, compared with Detroit bus routes that operate at $0.82 (the New York City Subway operates at $0.30 per passenger mile). The Mackinac Center for Public Policy also charges that the system does not benefit locals, pointing out that fewer than 30% of the riders are Detroit residents and that Saturday ridership (likely out-of-towners) dwarfs that of weekday usage. The system was designed to move up to 15 million riders a year. In 2008 it served approximately 2 million riders. In fiscal year 1999-2000 the city was spending $3 for every $0.50 rider fare, according to The Detroit News. In 2006, the Mover filled less than 10 percent of its seats.
Among the busiest periods was the five days around the 2006 Super Bowl XL, when 215,910 patrons used the service. In 2008, the system moved about 7,500 people per day, about 2.5 percent of its daily peak capacity of 288,000.
Under-utilized and overbudget is a pretty good summary of recent urban trains.
Previously – This is Your Train on Drugs: CA Train Versus Endangered Species, Asthmatic Children