ANAHEIM from California, August 10, 2021 / PRNewswire / – Rebuild SoCal Partnership (RSCP) Hails First Of Its Kind report released today reveals that upcoming spending on federal, state and local transportation infrastructure will generate nearly $ 200 billion in economic activity in California annually over the next decade and will support 700,000 jobs per year.
According to the report, over the next 10 years, government investments in California transport infrastructure will change from $ 40.4 billion in 2021 to $ 52.6 billion in 2030. This is equivalent to a return of $ 4.30 in economic activity for each $ 1 spent on the transportation system. All $ 1 billion spent supports more than 15,000 jobs across the economy.
“This report is important for quantifying the intrinsic value of infrastructure spending,” said the executive director of Rebuild SoCal Partnership, Jon Switalski. “The return on investment is not only more than quadruple, the job growth created by this funding is substantial.”
The research was conducted by the American Association of Road and Transportation Builders (ARTBA) and published by the California Employment Alliance, California Transit Association, California State Association of Counties, and the California League of Cities.
More precisely, the report found that:
California investments in highways, streets, bridges and transit will support the following $ 200 billion in annual profits over the next decade:
- Generate near $ 101.5 billion annually in economic production to the extent that businesses across the economy sell goods and services to other businesses and to consumers, totaling 1000 billion dollars more than 10 years.
- To contribute $ 52 billion per year of state SPG, adding to 520 billion dollars more than 10 years. This represents almost 2 percent of the total GSP.
- Support nearly 700,000 jobs on average each year across the economy, with 86 percent of jobs outside the construction industry.
- This includes approximately 220,000 jobs in transportation and warehousing, 80,000 jobs in manufacturing and commerce, and 68,000 jobs in professional and commercial services. This will represent more than 7 million job-years supported or created over the next 10 years.
- Those workers will earn nearly $ 30.3 billion in salaries annually, totaling $ 303 billion more than 10 years.
- $ 21.2 billion in additional tax revenue each year, adding to $ 212.2 billion more than 10 years. This includes:
- $ 6 billion in the annual tax revenues of the State and local authorities from payroll, business, income, sales and use taxes, totaling $ 60.9 billion more than 10 years, and
- $ 15 billion in annual federal wage costs, income taxes and corporate taxes, totaling $ 151.3 billion more than 10 years.
You can find a copy of this report at www.rebuildsocal.org.
ABOUT THE REBUILD SOCIAL PARTNERSHIP – Founded in 2016, The Rebuild SoCal Partnership (RSCP) is an organization that represents 2,750 construction companies and more than 90,000 unionized workers in the 12 Southern california counties. Situated at Anaheim, California – RSCP is dedicated to working with elected officials and educating the public on the continued need for funding for critical infrastructure, including airports, bridges, ports, railways, roads and water.
Rebuild SoCal Partnership recently launched the Rebuild SoCal Zone podcast which is available on Spotify, Apple Podcasts and other platforms where podcasts are available.
To learn more about the RebuildSoCal partnership, please visit www.RebuildSoCal.org.
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SOURCE Rebuilding the SoCal partnership