A new study issued by the University of South Florida’s Center for Urban Transportation Research (CUTR) demonstrates the substantial economic impact of the Central Florida Expressway Authority’s (CFX) Five-Year Work Plan. According to the study, the 2020-2024 Work Plan is projected to stimulate $4.6 billion in total output (gross business sales) and create more than 5,000 jobs annually in the Central Florida region.
The CFX Work Plan strategically identifies projects that meet the region’s transportation needs to be funded over a five-year period. “In addition to being an important tool for CFX to manage its system improvements, the Five-Year Work Plan is an economic engine, powering growth in employment, and sales while saving time and money for the traveling public,” stated Brenda Carey, CFX Board Chairman.
The study found that CFX’s 2020-2024 Five-Year Work Plan will:
- Create an estimated 5,224 jobs annually in the Central Florida region, plus generate an additional 719 jobs elsewhere in Florida
- Generate $1.5 billion in wages and income in the Orlando area
- Stimulate $4.6 billion in total output (overall gross business sales)
- Contribute $2.4 billion in gross domestic product
As a result of the plan, area households and businesses will also realize:
- An average savings of 62 travel hours a year, or $729 a year per household
- Annual savings of $367 million in fuel consumption costs
- Reductions of $308 million in costs related to travel and accidents
- Reductions of $20.8 million in harmful emissions
To learn more about the CFX Five-Year Work Plan, visit: https://www.cfxway.com/agency-information/plans-studies/five-year-work-plans/