The Washington Roundtable and The Boston Consulting Group today released a new report documenting the economic benefits that would flow from a $7 billion transportation investment.
A $7 billion investment to preserve and maintain state road and bridge networks and improve key economic corridors would generate $42 billion in benefits and increase state and local tax revenues by $2 billion over 30 years. It would support 184,000 jobs, save $600 million per year in business supply chain costs, support $2.5 billion in port expansion, and reduce road repair costs by $650 million per year.
Doing nothing has its own steep price tag.
Alternatively, a lack of new investment will result in significant road deterioration, millions more hours of congestion and higher costs for drivers.
The Roundtable last year issued a series of recommendations for strategic transportation investments to boost the state economy. While today’s release does not call for a specific finance plan, it underscores the points made in the organization’s previous work.
“Washington needs to act on transportation funding. The return on investment is overwhelmingly positive and the data paints a stark picture of what will happen without action. Transportation has to be a priority for the legislature in 2015,” said Steve Mullin, Washington Roundtable president.