January 13, 2021
FDOT Macroeconomic Analysis Shows Transportation Projects Yield $4 of Benefits for Every Dollar Invested
~ Investments provide short- and long-term benefits to transportation system users as well as the state’s overall economy ~
The Florida Department of Transportation (FDOT) recently completed a macroeconomic analysis and found that Florida’s transportation projects are expected to yield an average $4 of benefits for every dollar invested. In addition, the analysis found the benefits included investments across all transportation modes, including highway, transit, rail, airports, seaports and waterways, and spaceports. The investments will provide short- and long-term benefits for transportation system users as well as Florida’s overall economy.
“Investing in transportation is key as we plan for our state’s future,” said Florida Department of Transportation Secretary Kevin J. Thibault, P.E. “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.”
In addition to the impressive economic benefits, it is estimated that planned transportation investments will 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, including:
Providing $61 billion in economic value, measured as gross state product;
Increasing personal outcome by $72 billion; and
Increasing industry output by $99 billion.
The analysis considered the planned transportation investments for the five-year period from Fiscal Years 2019-23. In addition, potential impacts as a result of the pandemic were considered and transportation investments still yielded an average $4 of benefits for every dollar spent.
FDOT’s macroeconomic analysis, which is generally conducted twice per decade, estimates the effect of transportation investments on the state’s economic competitiveness and compares the overall benefits and costs of FDOT’s transportation investments.
Additional information regarding the department’s macroeconomic analysis can be found here.