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The economic development and spatial impacts of high-speed rail (HSR) are quite varied and mixed. Studies of economic impacts of HSR fall into two categories: predictions and empirical observations. We first review studies that examine predicted HSR impacts related to job growth, real estate development, and other economic effects. These are followed by studies examining observed effects of realized projects using the same categories. Several patterns emerge. Predictive studies are largely optimistic of the rail's positive effects. On the other hand, observational studies tend to identify both benefits and shortfalls. Yet, neither of these patterns are universal and depend on a number of other factors. One consistent pattern is that gains associated with HSR appear to be stronger in first-tier cities. Nevertheless, certain small towns and second-tier cities have undergone noteworthy transformations as a result of HSR, especially where the public sector has actively pursued new investment. [ABSTRACT FROM AUTHOR]