An independent analysis of New York’s Metropolitan Transit Authority’s proposed five year capital plan would generate $106 billion in the state’s economic activity and contribute to more than 70,000 jobs.
The analysis, performed by EY and commissioned by the Partnership for new York City, said the impact of MTA’s $68.4 billion 2025-2029 Capital Plan, if approved, would generate new economic activity in all 10 of the state’s regions. More than one in every four jobs would be created outside of New York City, the analysis found, and the average direct labor income for those jobs would be around $119,000 per worker.
The analysis found that most of the direct spending will be in New York City, but that $15 billion would occur outside of the city, and the spending would create more than 18,000 jobs outside the city, including more than 10,400 jobs on Long Island, 9,100 in the Hudson Valley region, 800 in the Capital region, 90 in the North Country, 200 in Western New York, 140 in the Finger Lakes Region and more than 100 in Central New York and Mohawk Valley.
“This analysis indicates that fully funding the MTA’s proposed capital program will be a ‘win-win’ that will catalyze critical improvements in transit service and provide a major boost to the state’s economy,” Kathryn Wylde, President & CEO of the Partnership for New York City, said.
The plan would invest $68.4 billion in capital improvements and state of good repair to the regional mass transit system as is expected to include major purchases of key equipment from New York state manufacturers, including new rail and subway cars, buses, new signaling equipment and additional tracks. For every $1 billion of MTA spending, the analysis found that the state would realize nearly 5,900 new jobs, half direct and the remainder through indirect or induced economic activity.