• Tue. Mar 28th, 2023

NEWS RELEASE: Excessive-Pace Rail Investments Proceed to Raise California Economic system


Mar 17, 2023

March 16, 2023

SACRAMENTO – Investments in California’s first-in-the-nation high-speed rail mission are pumping billions of {dollars} into California’s economic system and contributing to optimistic financial advantages all through the state, in accordance with the California Excessive-Pace Rail Authority’s newest 2022 Financial Evaluation Report.

“Excessive-speed rail creates good-paying jobs and generates revenue for Californians whereas main the way in which for the state’s future transportation,” mentioned Authority CFO Brian Annis. “We look ahead to our continued partnership with the federal authorities and our native companions as we construct this transformative mission for California.”

Final month, the Authority celebrated a historic milestone, saying the creation of greater than 10,000 development jobs for the reason that begin of high-speed rail development. Most of those jobs have gone to Central Valley residents and women and men from deprived communities.

“This mission isn’t solely reconnecting the Central Valley to the remainder of the state, however it’s bettering the financial prosperity of our area,” mentioned Fresno Mayor Jerry Dyer. “Creating good-paying jobs offers our residents the chance to ship their youngsters to varsity, purchase houses and proceed to put money into their hometown. Excessive-speed rail will remodel the Valley and California and can be a mannequin for the nation.”

Click on for bigger model.

These jobs are the results of the mission’s funding of greater than $9.8 billion since 2006 in its planning and development. A couple of of each two of those {dollars} have been invested in California’s deprived communities, driving financial exercise in these areas.

The Authority estimates a complete of 80,000 job-years have resulted from the mission thus far, sparking $6 billion in whole direct labor revenue earned by staff on the mission and $16 billion in whole financial exercise. Job-years are outlined because the equal variety of one-year-long, full-time jobs supported by the mission. For instance, if one full-time job is supported for 2 years, it represents two job-years.

The Authority estimates finishing the preliminary Merced to Bakersfield working phase would lead to a complete of 325,000 job-years of employment and whole financial exercise of $65.1 billion.

As of December 2022, greater than 760 licensed small companies all through the state are additionally serving to construct high-speed rail. Up to now the Authority has paid greater than $1.3 billion to licensed Small Companies, Deprived Enterprise Enterprises and Disabled Veteran Enterprise Enterprises in California for his or her work.

The Authority has begun work to increase the 119 miles beneath development to 171 miles of future electrified high-speed rail from Merced to Bakersfield. The mission has greater than 30 lively development websites in California’s Central Valley, with the Authority having environmentally cleared 422 miles of the high-speed rail program from the Bay Space to the Los Angeles Basin.

The Authority’s financial affect evaluation is up to date yearly and displays knowledge as of June 2022.

An up to date webpage that includes the most recent 2022 financial affect evaluation will be discovered right here. A associated truth sheet will be discovered right here and data on mission development progress will be discovered at: www.buildhsr.com

The next hyperlink accommodates current video, animations, pictures, press middle sources and newest renderings: https://hsra.app.field.com/s/vyvjv9hckwl1dk603ju15u07fdfir2q8

These information are all obtainable without spending a dime use, courtesy of the California Excessive-Pace Rail Authority.

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