• Tue. Mar 21st, 2023

Higher-speed rail investments continue to lift California economy


Mar 18, 2023

Investments in California’s initial-in-the-nation higher-speed rail project are pumping billions of dollars into California’s economy and contributing to good financial advantages across the state, according to the California Higher-Speed Rail Authority’s newest 2022 Financial Evaluation Report.

“High-speed rail creates jobs and generates earnings for Californians though paving the way for the state’s future transportation,” mentioned 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 much more than ten,000 building jobs due to the fact the begin of higher-speed rail building. Most of these jobs have gone to Central Valley residents and males and girls 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,” mentioned Fresno Mayor Jerry Dyer. “Creating great-paying jobs provides our residents the chance to send their children to college, invest in residences 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 much more than $9.eight billion due to the fact 2006 in its organizing and building. Extra than 1 of each and every two of these dollars have been invested in California’s disadvantaged communities, driving financial activity in these places.

The Authority estimates a total of 80,000 job-years have resulted from the project so far, causing $six billion in total direct labor earnings 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 1-year-extended, complete-time jobs supported by the project. For instance, if 1 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, much more than 760 certified tiny firms all through the state are also constructing higher-speed rail. To date the Authority has paid much more than $1.three billion to certified Smaller Organizations, Disadvantaged Organization Enterprises and Disabled Veteran Organization 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 much more than 30 active building web-sites in California’s Central Valley, with the Authority possessing environmentally cleared 422 miles of the higher-speed rail plan from the Bay Location 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 newest 2022 financial influence evaluation can be discovered right here. A associated reality sheet can be discovered right here and data on project building progress can be discovered at: www.buildhsr.com

The following hyperlink consists of current video, animations, photography, press center sources and newest renderings: https://hsra.app.box.com/s/vyvjv9hckwl1dk603ju15u07fdfir2q8

These files are all offered for totally free use, courtesy of the California Higher-Speed Rail Authority.

You can uncover this news release on-line 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/.