The Florida Department of Transportation’s (FDOT) macroeconomic analysis regarding the state’s transportation projects determined the efforts would yield an average of $4 of benefits for every dollar invested.
“Investing in transportation is key as we plan for our state’s future,” said Florida Department of Transportation Secretary Kevin J. Thibault said. “The department is proud to make vital investments in Florida’s transportation system that will create essential jobs, provide long-term economic benefits, and keep Florida moving for decades to come.”
The breakdown showed benefits included investments across all transportation modes – highway, transit, rail, airports, seaports and waterways, and spaceports. The report noted the investments would provide short- and long-term benefits for transportation system users as well as Florida’s overall economy.
The macroeconomic analysis is generally conducted twice per decade and estimates the impact of transportation investments on the state’s economic competitiveness while comparing the overall benefits and costs of FDOT’s transportation investments.
FDOT estimates planned transportation investments would result in an average of 30,000 additional jobs and generate more than $160 billion in future economic benefits over the course of the next 30 years, providing $61 billion in economic value, measured as gross state product; increasing personal outcome by $72 billion; and increasing industry output by $99 billion.