Lyft generates $43 million for Washington, DC's economy in 2016
Passengers save time, money and boost local spending because of ridesharing
Dec 12, 2016, 03:01 ET
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- A new economic survey released today by Lyft reports the local Washington, DC economy will see an extra $43 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 Washington, DC will save $35 million in travel time value and over 1.95 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 Washington, DC. 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 has become a powerful driver of economic growth in the Washington, DC area by creating flexible economic opportunities for drivers, improved transportation access for passengers, and huge gains in local economic activity," said Steve Taylor, Lyft's Washington, DC General Manager. "The results of this study also highlight many of the social benefits Lyft is having on the community, including reducing incidents of drunk drinking and improving transportation options in historically underserved communities across Washington, DC, Virginia, and Maryland."
In Washington, DC, the study also found:
- DC saw a 23x increase, or 78,800 hours in 2014 to 1.95 million hours in 2016, in passenger hours saved thanks to Lyft, the highest among the seven cities included in Lyft's last survey.
- 58% of Lyft passengers spend more at local businesses
- 58% of passengers use their personal vehicles less because of Lyft
- 26% of rides start in underserved areas
Additional information on Lyft's 2017 Economic Impact Survey can be found here.
About Lyft
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.
SOURCE Lyft