A newly released study details the essential role the Southeastern Pennsylvania Transportation Authority (SEPTA) will have in rebuilding the state’s economy amid the COVID-19 pandemic.
Officials said the Econsult Solutions Inc. analysis determined the transportation network is vital to the economic competitiveness and growth of southeast Pennsylvania. The study found the five-county region represents 42 percent of the Commonwealth’s economic activity, which is an increase of almost 2 percent since 2013 and represents $15 billion in additional economic product.
The region also provides 38 percent of the state’s general revenue funds, up 2.2 percent since 2013 and representing $770 million in additional state tax revenue, the report said.
“In this time of crisis, SEPTA has proven its value as the region’s essential infrastructure, providing access to hospitals, grocery stores and other life-sustaining services,” SEPTA Chairman Pasquale T. Deon Sr. said. “As we move forward, SEPTA will remain an essential part of our efforts to rebuild the economy and put Pennsylvanians back to work.”
The report showed SEPTA supports 26,500 jobs, $1.86 billion in earnings and $3.43 billion in annual economic impact across Pennsylvania. SEPTA also supports a capital investment program with an economic impact that has more than doubled since the passage of Act 89 in 2013 – producing more than $1 billion in annual statewide sales and thousands of jobs.
“While the future will remain uncertain for some time, the analysis demonstrates that the southeast region is an essential contributor to the prosperity and fiscal health of Pennsylvania moving forward,” SEPTA General Manager Leslie S. Richards said. “Transit drives the economy, and investing in the recovery of SEPTA and the southeast region is essential to any strategy for Pennsylvania’s economic recovery.”