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Between 2012 and 2018, bus ridership in the United States declined 15% and rail ridership declined 3%. These losses are widespread and in contrast to trends in other countries. Using data from 215 Metropolitan Statistical Areas (MSAs) prior to the COVID-19 pandemic, we identify the factors responsible for this decline and quantify the contribution of each. We show that expanded transit service and land-use changes increased ridership 4.7% on bus and 10.7% on rail. However, losses due to other factors exceed these gains. Ride-hailing is the biggest contributor to transit ridership decline over this period, reducing bus ridership by 10%. Ride-hailing’s effect on rail varies by metropolitan area size: it has little effect on rail ridership in the largest metropolitan areas but decreases rail ridership 10% in mid-sized metropolitan areas. Lower gas prices and higher fares contribute to lower transit ridership, as do higher …