A new study conducted 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) Fiscal Year 2024- 2028 Five-Year Work Plan.
At CFX’s December 14th board meeting, CUTR reported that the agency’s $4.04 billion Five-Year Work Plan is projected contribute $3.8 billion to local and state gross domestic product (GDP) and add $2.4 billion in wages and income in the Central Florida region. The CFX Work Plan strategically identifies projects that meet the region’s transportation needs and are funded over a five-year period.
“It’s exciting to share this economic impact report that so vividly illustrates the influence these transportation projects have in the local region,” says Brandon Arrington, vice chairman of the CFX governing board and Osceola County Commissioner. “It underscores CFX’s vision to provide Central Florida with a world-class, integrated mobility network that drives economic prosperity and quality of life.”
Additional highlights from the CUTR study found that CFX’s 2024-2028 Five-Year Work Plan will:
- Contribute $214 million in local and state tax revenues
- Stimulate $7.1 billion in total output (overall gross business sales)
- Help curb CO2 emissions by about 1.2 percent in the region
- Reduce costs of health-related issues associated with tailpipe emissions by $18.7 million
- Result in annual savings of $104 million in fuel consumption costs
- Reduce costs related to travel and accidents by $106 million
As a result of the plan, area households and businesses will also realize:
- $1.4 billion in travel time savings – an average of $1,044 per household
- An average savings of 69 travel hours a year per household
For additional information about the CUTR report or with questions, please contact Brian Hutchings at via email at Brian.Hutchings@CFXway.com or phone at 407-690-5343.