An economic impact report for SB 1 has been released by the California Alliance for Jobs, the California Transit Assn. and Transportation California. The report is above (or pdf here).

As we posted last week, the state of California is considering the first allocations from SB 1. Metro is not being shy with its requests and is asking for $2.4 billion for a variety of projects in the coming years.

SB 1 was approved by the Legislature last year and signed into law by Gov. Jerry Brown. The bill raised the state gas tax (for the first time in 23 years) and state vehicle fees and will supply a perpetual source of funding to fix California roadways, improve transit and build walking and biking projects.

The new report found:

•The transportation investment from SB 1 will support at least $18.3 billion per year (10-year average) in increased economic activity and benefits to California residents and businesses.

•This investment will also support an 68,000 jobs annually in the state.

•The repairs to state roadways and transit improvements will save motorists, businesses and drivers time and money. The savings — estimated at $300 per household — are a result of decreased congestion, fewer vehicle repairs and safer roads.

•Metro’s candidate projects for the discretionary funding programs under SB1 will create an estimated 81,000 jobs during construction, provide $200 million in annual travel time savings to drivers and increase transit ridership by 63,000 trips the first year of opening.

There is an effort underway to put a ballot measure before California voters to repeal SB 1. If it happens cities in L.A. County would lose $4.35 billion over the next decade to repair roads, make streets safer and invest in pedestrian and bike projects, according to the California Local Government Finance Almanac.

In January, the Metro Board voted to support Proposition 69 (ACA 5), which protects the revenues generated from SB 1 and to oppose any efforts to repeal SB 1.