CHICAGO, Dec. 12, 2016 /PRNewswire/ -- A new economic survey released today by Lyft reports the local Chicago economy will see an extra $68.2 million in 2016 thanks to the availability of Lyft's affordable, convenient rides. Conducted by the Land Econ Group, the study also showed passengers in Chicago will save $40 million in travel time value and over 2.5 million travel hours this year alone because of Lyft.
"Based on survey results from tens of thousands of Lyft users, we found that Lyft creates a significant positive economic impact in each of the twenty metro regions we have studied," said Bill Lee, Senior Partner at Land Econ Group. "Passengers have responded to the significant time savings and enhanced mobility Lyft provides by visiting local businesses more often, staying out longer, and exploring new areas of their city that are otherwise difficult to reach."
The national survey examined over 20 Lyft markets across the country, including Chicago. In 2016, local economies will see over $750 million in additional spending due to the availability of Lyft. Access to Lyft also meant that passengers saved over $500 million and 26 million travel hours compared to alternative transportation modes.
"Lyft is providing flexible economic opportunities for drivers, improved transportation access for passengers, and gains in local economic activity for people in Chicago and across the country," said David Katcher, Lyft's Chicago General Manager. "With Chicago's vibrant restaurant and bar scene, it's encouraging to see that 87% of passengers are more likely to avoid driving while intoxicated because of Lyft."
In Chicago, the study also found:
- Of the seven cities included in Lyft's last survey, Chicago saw the largest increase in local spending by Lyft passengers, up 3x (or 316%) annualized 2014 vs. 2016. In 2014, Chicago passengers spent an estimated $16.4 million more at local businesses; in 2016, additional passenger spending estimates grew to $68.2 million.
- 87% of passengers are more likely to avoid driving while intoxicated because of Lyft
- 69% of passengers use their personal vehicle less because of Lyft
- 22% of rides start in underserved areas
Additional information on Lyft's 2017 Economic Impact Survey can be found here.
Lyft was founded in June 2012 by Logan Green and John Zimmer to reconnect people and communities through better transportation. Lyft is the fastest growing rideshare company in the U.S and is available in more than 200 cities. Lyft is preferred by drivers and passengers for its safe and friendly experience, and its commitment to effecting positive change for the future of our cities.
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