Fairfax, Va. - The completion of 16 major infrastructure projects would expand Virginia's economy by $4.1 billion and support 56,798 additional jobs, according to research conducted by Stephen S. Fuller, a University Professor in the School of Public Policy and Director of the Center for Regional Analysis at George Mason University.
The research, supported by a contract from Virginia's Secretary of Transportation, calculated the post-construction impact of the proposed projects to Virginia's economy, including the gross state product, workers' personal earnings and job creation.
Fuller found that the benefits generated by the transportation improvements exceed the costs and would have generated an additional $2.9 billion in new taxable earnings to Virginia's income base.
"Our research shows that the proposed transportation investments will increase Virginia's competitive position for future economic growth," says Fuller.
If in place today, the report shows that the transportation upgrades would improve traffic flow and reduce congestion costs, resulting in a reduction in transportation costs within the state's economy; increase labor force efficiency or productivity resulting from recapturing lost work time and output value lost due to traffic delays; and reduce vehicle maintenance and fuel costs.
The full report "The Impact of Sixteen Proposed PPTA Mega Projects on the Commonwealth of Virginia Economy" is available online. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
