Gautrain project continues to improve provincial economy
Gautrain is improving Gauteng's economy.
Gautrain, the rapid rail transport system, has had a positive impact on the Gauteng province’s economy. An assessment of the impact of the Gautrain has been completed and the results are better than what the Gautrain management agency could have expected, it said.
Results have shown that the Gautrain project created 34 800 direct job opportunities during the construction phase and 922 sustainable jobs after operations started four years ago. According to a report by audit firm KPMG, the Gautrain has also re-activated property development in many areas around its stations and has contributed to the goals of transit-oriented development, better land use and redressed apartheid’s special development planning.
It is estimated that a further R46 billion has been added the total GDP [gross domestic product] of the provincial economy due to property development induced by the Gautrain, further contributing to another 245 000 jobs. The value of property near Gautrain stations has also appreciated substantially with many high-end cooperates competing for space in new office buildings close to the stations. Property values near the Gautrain stations are growing rapidly, some by as much as 3% relative to surrounding areas. Rental rates in places like Hatfield have, in some cases, experienced a 100% appreciation.
The Gautrain project shows a well-planned project which does not only create value during construction and implementation, but can continue to improve the quality of the lives of the people through saving time and a reduction in emissions, thereby contributing to a greener Gauteng. The Gautrain has not only contributed to the economy of the province, but continues to improve the image of public transport in our province and beyond.
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