PURPOSES : This study analyzes the estimated traffic volumes on roads and railways based on econometrics. METHODS : The accuracy of traffic forecasting was analyzed based on the average difference between predicted and actual values. This study distinguishes itself from existing literature by conducting a comparative analysis categorized by project type. In this study, econometric analyses, including bias and efficiency evaluation, were conducted for 308 projects in Korea. RESULTS : We conducted econometric analysis by dividing the data into project types. This study examines the accuracy of estimates in South Korea's road and railway projects concerning various factors, including project types (mobility-focused or accessibility-focused), implementing agencies, and the performance of preliminary feasibility studies. Notably, it identifies a tendency for overestimation, particularly in railway projects and mobility-focused road projects, such as expressways and national highways, as well as in projects executed by local governments. The mean percentage error (MPE) for the analyzed projects was -46.62%, indicating a significant overestimation bias with resulting inefficiencies. However, our analysis revealed that road projects, particularly those accompanied by preliminary feasibility studies and implemented by the central government, exhibited reduced bias and improved efficiency. The presence or absence of preliminary feasibility studies significantly influenced estimation bias. Interestingly, even when preliminary feasibility studies are conducted, the choice of the implementing agency remains a crucial factor affecting estimation bias. In addition, railway projects continue to demonstrate a notable overestimation bias, warranting further attention. CONCLUSIONS : Considering bias, efficiency, and MPE is advisable when forecasting traffic.