This article is re-posted from InsideNoVa.com. View the original article here.
By BRIAN TROMPETER, Sun Gazette Newspapers
New transportation projects in Northern Virginia have created tens of thousands of jobs and added billions of dollars to the state and local economies, panelists said at a Feb. 6 forum in Merrifield.
“This is an immeasurably positive impact on the people of our state,” said Martin Nohe, chairman of the Northern Virginia Transportation Authority, during remarks at the Northern Virginia Association of Realtors’ headquarters. “This is the impact we wanted to have when we were fighting for funding in Northern Virginia.”
The Northern Virginia Transportation Authority, which disburses 70 percent of revenues collected under the 2013 omnibus transportation bill for projects to reduce traffic congestion in this region, is advancing 122 regional multi-modal projects worth nearly $2 billion.
The agency in June 2020 will start financing more than $400 million worth of additional initiatives every two years. The group’s adopted six-year plan for 2018-23 includes 44 more such projects worth nearly $1.29 billion. Nohe cautioned that the authority had fielded $2.5 billion in funding requests and identified $43 billion worth of needed transportation investments.
A study by Chmura Economics & Analytics found that the $1.9 billion the Northern Virginia Transportation Authority has spent on 95 multi-modal projects has triggered $3.8 billion worth of additional investments.
The study listed economic impacts of Northern Virginia transportation investments in three categories: direct (generated by projects), indirect (secondary economic activity linked to those projects) and induced (economic gains generated by household income related to direct and indirect impacts).