Transit investments in an age of uncertainty

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      <subfield code="a">In 2017, the mayor of Nashville, Tennessee, proposed spending up to $9 billion on a masstransit system, including 26 miles of light rail. Voters rejected the plan the following year. One reason for this outcome: people questioned whether it made sense to spend big money, for decades, on traditional transit when mobility technologies were changing so quickly. Nashville is hardly the only city where people ask such questions. Even so, investment in light-rail and metro systems is massive. By 2025, we estimate, cities and rail operators will spend nearly $100 billion on new rolling stock. Over that same period, we estimate they will break ground on at least $1.4 trillion in new light-rail and metro projects. Asia accounts for two-thirds of the spending on construction: for example, Beijing, Kuala Lumpur, Shenzhen, and Singapore are all building at least one rail project with a value of more
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