ORLANDO, FL The Central Florida Expressway Authority released an Economic Impact and Benefits Study of its $1.2 billion Five-Year Work Plan (Fiscal Years 2016-2020), prepared by the Center for Urban Transportation Research (CUTR).
The report shows that the Work Plan projects to be funded during the next five years will create approximately 12,300 jobs, which is equivalent to 2,460 jobs per year, and generate wages and other income of nearly $700 million over this time period. When including all the Work Plan contributions, the total impact results in $2.1 billion gross business sales, $1.0 billion in gross domestic product, and would save each household on average 32 travel hours annually, or $334 per year.
“It’s gratifying to see how much we’re able to save the average family in Central Florida and how many jobs we’re able to support with our work program”, said Welton Cadwell, chairman of the Central Florida Expressway Authority. “A lot of folks know the CFX system is a vital link to keep our economy moving, but putting people to work and saving them time is an important part of what we do.”
Additional travel benefits, according to the study, found the Work Plan could reduce travel time, increase safety, and reduce harmful emissions. Households would save $26 million as a result of lower fuel cost because of less congestion and avoided medical expenses due to fewer traffic accidents.