President-elect Barack Obama recently announced his administration’s plans to make one of the largest investments into the country’s infrastructure in 50 years. In his weekly radio address on Dec. 6, Obama unveiled some of his plans to rebuild U.S. infrastructure and stimulate the slowing economy.
"We will create millions of jobs by making the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s," Obama said.
Obama’s address called for immediate investment in roads, bridges and other transportation projects in communities throughout the country. Some analysts believe that individual states could receive billions in federal funds to renovate existing roads, begin future highway projects, and invest in mass transportation alternatives.
According to the Federal Highway Administration, transportation infrastructure accounts for 11 percent of the nation’s economic activity. For every dollar invested in highway construction, the local economy receives $5.60 in economic benefits — a return on investment of more than 500 percent. Highway construction also creates thousands of jobs. Every $1 billion in highway construction creates more than 42,000 employment opportunities. From construction workers to health care administrators, engineering firms to education professionals, highway construction creates jobs across almost every industry.
As the Florida Department of Transportation moves towards the construction of the Ultimate I-4, Central Floridians will see dramatic changes in both the appearance and quality of I-4 through Orlando. The estimated $2.25 billion dollar mega-project can generate approximately 76,500 new jobs in the Central Florida area and infuse the local economy with more than $12 billion.
For more information regarding the economic benefits of highway construction, visit the Federal Highway Administration’s Web site. |