Impact of Highway Construction on the Regional Economy: Gangil-Chuncheon Highway

Recently, the Ministry of Strategy and Finance announced a plan to reduce the proportion of economic evaluation in non-metropolitan areas and strengthen balanced development evaluation through the reorganization of the preliminary feasibility study system. In addition, the social value of the quality of life, such as job, environment, and safety, which may be affected by the implementation of transportation facility investment projects, was reflected as the main item of policy evaluation. In this study, the ripple effect of the project in terms of social value was reviewed for the Gangil-Chuncheon. The effect of highway opening was investigated by reviewing the feasibility report, post-evaluation report, and statistical indicators. Recently, the Gangil-Chuncheon highway is getting used by around 110,000 people per day. The number of tourists in Chuncheon rapidly has increased from 5 million a year to more than 11 million now. In addition, it was confirmed to produce effects such as population migration, net inflow and land price increase, improvement of living convenience, and expansion of emergency medical care. Although this ripple effect was influenced by various socio-economic factors as well as the opening of the highway, it is clear that it is difficult to occur without the opening of the highway. It is judged that the evaluation of indirect benefits and social values due to the opening of the highway can be quantified through continuous research and data construction. Post-evaluation of construction works, including project efficiency evaluation and ripple effect evaluation, is performed for construction works with a construction cost of more than 50 billion won. In the future, we will continuously improve the evaluation system in order to evaluate the indirect benefits and social values of public investment projects.

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