CLEVELAND (WJW) -- HyperloopTT and several regional partners including the Northeast Ohio Areawide Coordinating Agency announced Monday the results of a year-long feasibility study into a hyperloop between Cleveland and Chicago, that would take roughly 28 minutes.
The study shows the hyperloop will be able to be built without taxpayer subsidy and once it is functioning will be profitable for the company that operates it.
The transportation method uses high speed magnetic levitation to pull a capsule through a tube at an average speed of 439 miles per hour with a top speed of 700.
The hyperloop would generate more energy than it uses and would operate on a combination of sustainable sources including wind, solar and hydro power.
Right now, HyperloopTT is testing the various components of the system at its headquarters in France and has plans to build the first hyperloop in Abu Dhabi.
The Midwest transit system could take one of three routes: the fastest would be a straight line and go under water between Chicago and Cleveland. Another would follow the highway and turnpike system and could have stops in South Bend and Toledo on the way to Cleveland. A third potential route would go underground.
The study shows the economic impact would be vast, creating 900,000 jobs over 25 years and raise property values in the whole region by $74 billion.
The goal would be for tickets to be affordable and 2/3rds the price of a typical ticket on Amtrak.
The next step in the process in the US is to begin an environmental impact study, which would take three to four years and then the engineering and construction process another six.
The HyperloopTT team said without any issues the transportation system could be a reality between Cleveland and Chicago by 2029.