Investments in California’s very first-in-the-nation higher-speed rail project are pumping billions of dollars into California’s economy and contributing to optimistic financial advantages across the state, according to the California Higher-Speed Rail Authority’s most current 2022 Financial Evaluation Report.
“High-speed rail creates jobs and generates revenue for Californians whilst paving the way for the state’s future transportation,” stated Authority CFO Brian Annis. “We appear forward to our continued partnership with the federal government and our neighborhood partners as we construct this transformative project for California.”
Final month, the Authority celebrated a historic milestone, announcing the creation of far more than ten,000 building jobs given that the start off of higher-speed rail building. Most of these jobs have gone to Central Valley residents and males and females from disadvantaged communities.
“This project is not only reconnecting the Central Valley to the rest of the state, but it is enhancing the financial prosperity of our area,” stated Fresno Mayor Jerry Dyer. “Creating very good-paying jobs offers our residents the chance to send their little ones to college, obtain houses and continue to invest in their hometown. Higher-speed rail will transform the Valley and California and will be a model for the nation.”
These jobs are the outcome of the project’s investment of far more than $9.eight billion given that 2006 in its preparing and building. Extra than a single of each two of these dollars have been invested in California’s disadvantaged communities, driving financial activity in these locations.
The Authority estimates a total of 80,000 job-years have resulted from the project so far, causing $six billion in total direct labor revenue earned by workers on the project, and $16 billion in total financial activity.
Finishing Merced to Bakersfield would outcome in a total of 325,000 job-years of employment and a total financial activity of $65.1 billion. Job-years are defined as the equivalent quantity of a single-year-lengthy, complete-time jobs supported by the project. For instance, if a single complete-time job is supported for two years, it represents two job-years.
The Authority estimates finishing the initial Merced to Bakersfield operating segment would outcome in a total of 325,000 job-years of employment and total financial activity of $65.1 billion.
As of December 2022, far more than 760 certified modest enterprises all through the state are also constructing higher-speed rail. To date the Authority has paid far more than $1.three billion to certified Tiny Corporations, Disadvantaged Company Enterprises and Disabled Veteran Company Enterprises in California for their operate.
The Authority has begun operate to extend the 119 miles beneath building to 171 miles of future electrified higher-speed rail from Merced to Bakersfield. The project has far more than 30 active building web pages in California’s Central Valley, with the Authority obtaining environmentally cleared 422 miles of the higher-speed rail system from the Bay Region to the Los Angeles Basin.
The Authority’s financial influence evaluation is updated annually and reflects information as of June 2022.
An updated webpage featuring the most current 2022 financial influence evaluation can be discovered right here. A associated truth sheet can be discovered right here and facts on project building progress can be discovered at: www.buildhsr.com
The following hyperlink consists of current video, animations, photography, press center sources and most current renderings: https://hsra.app.box.com/s/vyvjv9hckwl1dk603ju15u07fdfir2q8
These files are all accessible for totally free use, courtesy of the California Higher-Speed Rail Authority.
You can locate this news release on the net right here https://hsr.ca.gov/2023/03/16/news-release-higher-speed-rail-investments-continue-to-lift-california-economy/.
Una versión en español del comunicado de prensa está disponible en línea aquí https://hsr.ca.gov/es/2023/03/16/news-release-higher-speed-rail-investments-continue-to-lift-california-economy/.