A 2020 academic study of new bike lanes across 6 major U.S. cities found that business revenue and employment increased significantly for almost all of the bike lane corridors relative to similar corridors without bike lanes (up to 50% more growth). None of the corridors saw a significant decrease in business revenue. The impact was particularly high for food sales, but was present across all sectors. This positive business impact and employment growth was also observed for cases when parking was removed to make way for safe bike lanes. https://trec.pdx.edu/news/study-finds-bike-lanes-can-provide-positive-economic-impact-cities

A landmark report from the New York City Department of Transportation found that local retail and hospitality businesses in commercial areas with protected bike lanes, bus lanes, or pedestrian plazas experienced much greater sales. These positive impacts were seen in a variety of neighborhoods, including high-end shopping corridors in the Upper West Side, Chelsea, and Park Slope. https://www.nyc.gov/html/dot/downloads/pdf/dot-economic-benefits-of-sustainable-streets.pdf

A detailed modeling analysis from the University of Virginia found that bike lanes can save money for all by reducing congestion and road maintenance costs. The study concludes that "with sufficient space to allow wide vehicles to pass bicycles, a reduction in total costs for all users is obtained through an increased bicycle mode share." In contrast, the study also found that on streets that see more bike traffic without installing bike lanes, congestion increases, adding costs for all. (Third Avenue saw a 52% increase in cyclists from 2019 to 2020.) https://iopscience.iop.org/article/10.1088/1748-9326/8/1/015028