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How Transportation Facilitates Economic Development

How Transportation Facilitates Economic Development American Road and Transportation Builders Association 16 th Annual Conference on Public-Private Ventures in Transportation Chris Lloyd McGuireWoods Consulting December 8 , 2004. Presentation Overview.

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How Transportation Facilitates Economic Development

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  1. How Transportation Facilitates Economic Development American Road and Transportation Builders Association 16th Annual Conference on Public-Private Ventures in Transportation Chris Lloyd McGuireWoods Consulting December 8, 2004

  2. Presentation Overview • How transportation supports economic development activities • Examples from Virginia • Why PPPs are attractive in an economic development context

  3. Transportation = Jobs • ARTBA studies show that $1 billion of transportation investment equals over 34,000 new jobs • Once a project is finished, servicing transportation users also creates jobs along corridors • Transportation can create development opportunities (transit oriented development)

  4. Transportation = Jobs • Strong correlation between states that attract new jobs and a good transportation system

  5. Economic Development Perspective • Most economic development begins with a site search • Companies (or their consultants) use specific criteria to narrow site search • Transportation availability and accessibility is one of the top criteria they use • Lack of transportation facilities cannot be overcome by incentives • Physical transportation infrastructure still important in an e-commerce world

  6. Economic Development Perspective • Business prospects often require additional transportation infrastructure to address company-specific needs • Many states offer transportation-related incentives to complement business recruitment activities

  7. Virginia Examples • Coalfields Expressway – opens Southwest Virginia to economic development

  8. Virginia Examples • Route 288 – essential to new Capital One campus in Richmond area

  9. Virginia Examples • Route 28 – fosters commercial development around Dulles Airport

  10. Virginia Examples • Route 199 – enhancements for Jamestown 2007 (tourism)

  11. Why PPPs are important for economic development • Allow transportation projects to be developed when traditional opportunities may not be available • Provides assurances of timely delivery to business prospects • Allows businesses to contribute directly towards roads they and their employees use (tax districts) • Ensures that roads are well maintained (pavement warranties)

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