Guidance on Value of Time

The value of travel time is a critical factor in evaluating the benefits of transportation infrastructure investment and rulemaking initiatives.  Reduction of delay in passenger or freight transportation is a major purpose of investments, and rules to enhance safety sometimes include provisions that slow travel.  As the Department expands its use of benefit-cost analysis in evaluating competitive funding applications under such programs as the TIGER Grant program and the High-Speed Intercity Passenger Rail program, it is essential to have appropriate, well-reasoned guidance for valuing delays and time savings.