According to the findings from the comprehensive economic impact study conducted by The Washington Economics Group (WEG), a leading Florida-based economic consulting practice, All Aboard Florida will have significant economic benefits on the state. With more than $6 billion in positive economic impact for the state over the next eight years, findings indicate that the passenger rail line will serve as an engine for growth and prosperity for Florida cities and local governments. Additionally, the project is expected to create more than 10,000 jobs on average per year during rail-line construction set to begin mid-2014 through mid-2017.
Dr. Tony Villamil, former U.S. Undersecretary of Commerce and Chief Economist with over 20 years of experience, led the study that also revealed the project will add nearly $3.5 billion in GDP to the state of Florida’s economy, in addition to an estimated $2 billion in labor income and over $600 million in tax revenues for Federal, State and Local Governments through 2021.
In addition to job creation and the significant tax revenues the project will generate, All Aboard Florida will serve the transportation needs of the 9 million residents along the corridor, along with the 50 million who already travel between and within the project’s planned route on an annual basis. Additional positive impacts generated by the project include:
- Enhancing Florida’s infrastructure resources
- Relief for the region’s roads and environment
- Revitalization for South Florida’s downtown centers
- Increased tourism within the State
For additional insights from the study, please refer to the full press release, fact sheet, executive summary and the full report.