Lyft generates $130 million for Los Angeles' economy in 2016

LOS ANGELES, Dec. 12, 2016 /PRNewswire/ -- A new economic survey released today by Lyft reports the local Los Angeles economy will see an extra $130 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 Los Angeles will save $88 million in travel time value and over 7.5 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 Los Angeles. 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 increased economic activity in Los Angeles by $130 million, providing flexible earnings opportunities for drivers and safe transportation options for passengers, " said Derek Kan, Lyft's Los Angeles General Manager. "Many Angelenos spend more time stuck in traffic than they do with their friends and family. By taking cars off the road, Lyft is lessening traffic congestion and reducing greenhouse emissions."

In Los Angeles, the study also found:

• Los Angeles saw a 48% year-over-year increase in the number of drivers who identify with a racial or ethnic minority group, the highest increase of the seven cities included since Lyft's last survey.
• 92% of Lyft drivers have given a ride to a neighbor
• 92% of passengers are more likely to avoid driving while intoxicated because of Lyft
• 68% of passengers use their personal vehicle 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.

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SOURCE Lyft