CFX Powers the Region’s Economy
The Central Florida Expressway Authority’s $1.3 billion work program (FY 2017-2021) is an economic engine, powering growth in employment, income and business sales while also yielding savings in time and money for households. The Work Plan strategically identifies projects to be funded over a five-year period.
According to a study by the Center for Urban Transportation Research (CUTR), CFX’s 2016-2020 Work Plan will have a substantial economic impact on the region. The study said CFX’s plan is projected to:
- Create an estimated 11,390 jobs in the four-county Orlando-Kissimmee-Sanford metropolitan statistical area (MSA), plus generate an additional 1,000 jobs elsewhere in Florida
- Stimulate $2.1 billion in overall gross business sales, including $1.9 billion in the MSA
- Contribute $1 billion in overall gross domestic product, including $935 million in the MSA
Furthermore, the study revealed other benefits of CFX’s strategic plan to expand and improve its toll road network over five years:
- Area households will save a combined $25.6 million in out-of-pocket costs
- Each household will save on the average 32 travel hours a year, or $334 a year
- Less harmful emissions
- Reductions in costs related to travel and accidents
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’s Governing Board. 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.
Click here to read the full economic impact report.