An increased investment in transportation construction in Virginia could provide nearly 19,000 new jobs, and generate approximately $162 million in new state tax revenues resulting in a $2.45 billion economic output, with 58 percent coming from non-construction industries. This according to a study released last week by the American Road & Transportation Builders Association entitled, "Building Virginia's Future: The Economic Impacts of a $1 Billion Transportation Capital Investment".
The purpose of the study was to examine how the public's investment in Virginia's transportation infrastructure would stimulate business activity and government revenue. As a result, the research proves that $1 billion in annual transportation funding would highly benefit the Commonwealth - not only in transportation construction and maintenance, but also by generating tens of thousands of new jobs statewide in all industries.
Totaling nearly 19,000 jobs with an annual payroll of $720.4 million, transportation investment would help create new jobs in retail (1,918), manufacturing (1,051) and accommodation and food services industries (1,002), among others, according to the study. Additionally, an annual, sustained $1 billion in transportation funding would increase economic output in Virginia's manufacturing ($265.6 million), retail trade ($135.6 million) and real estate and rental/leasing ($148.3 million.
An increase in transportation investment will improve all aspects of transportation including mobility, access to jobs, services, materials and market. It will reduce congestion and increase safety factors that help improve our quality of life immediately and into the future.
"The study shows the unique, synergistic nature of transportation capital investments," Richard Reese, president of the Virginia Transportation Construction Alliance, said in a news release last week following the release of the study. "We realize immediate economic activity including jobs and tax revenues. We also create capital assets that live longer than the investment and contribute to economic activity for many decades to come."
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