The latest economic forecast by the Los Angeles County Economic Development Corporation (LAEDC) estimates that more than 465,000 jobs and $79.3 billion in economic output would result from infrastructure projects funded by the Los Angeles County Traffic Improvement Plan sales tax ballot measure in its first 50 years.
The ballot measure would raise the countywide sales tax by a half cent and continue the Measure R half-cent sales tax beyond its mid-2039 expiration date to fund a number of highway, transit, local street, walking and biking programs.
A breakdown of the LAEDC economic forecast — commissioned by Metro — shows:
•Transit projects — including the construction of light rail and subway extensions and the construction of bus rapid transit lines — will generate $51.1 billion in total direct, indirect and induced economic output for the Southern California regional economy over the first 50 years of the plan. Work on these projects will create 316,300 jobs with over $17.5 billion in labor income.
•Highway and freeway projects are estimated to have a total economic output of $28.2 billion. These projects include expanding capacity on freeways as well as major bicycle infrastructure projects. The total number of jobs related to these projects is estimated to be 149,390 with almost $8.6 billion in labor income.
•Over $9.5 billion in state, local and federal tax revenues will result from the economic activity generated by these transportation projects over the 50-year analysis period.
If approved by two-thirds of voters on November 8, the ballot measure would help fund Metro’s Long Range Transportation Plan in the following areas: new transit and highway projects; services for seniors, students and the disabled; bus and rail operations; bicycle and pedestrian connections; ongoing system maintenance and repair; and local street improvements.
Categories: Policy & Funding