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A Blueprint for Economic Growth: The Impacts Of Doubling Pennsylvania's Annual Highway & Bridge Capital Investment Jobs Economic Output State Tax Revenues.

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Presentation on theme: "A Blueprint for Economic Growth: The Impacts Of Doubling Pennsylvania's Annual Highway & Bridge Capital Investment Jobs Economic Output State Tax Revenues."— Presentation transcript:

1 A Blueprint for Economic Growth: The Impacts Of Doubling Pennsylvania's Annual Highway & Bridge Capital Investment Jobs Economic Output State Tax Revenues

2 About the Economic Study  First study looking at how public transportation investment stimulates business activity and government revenues  Sets a baseline of information about the industry  U.S. Department of Commerce RIMS model  U.S. Census Bureau NAICS and County Business Patterns  Traces unique relationship of transportation construction and the economy

3 Pennsylvania’s Highway & Bridge Construction Industry  $2.65 billion in annual capital outlays  Generates $6.9 billion in economic activity, or 1.2% of Pennsylvania’s GDP  Supports 148,669 full time jobs  74,062 direct jobs  74,607 induced jobs  $7.01 billion in direct & induced wages  $863.9 million in state & federal taxes  $259.4 million state income tax revenue  $536.5 million federal payroll tax revenue  $68 million state payroll tax revenue

4 The Highway & Bridge Construction Industry in Pennsylvania

5 Pennsylvania’s Highway & Bridge Construction Industry  3.3 million workers in industries dependent on transportation infrastructure network  Tourism, manufacturing, agriculture, mining, retail and wholesale trade  $114.6 billion in wages  $9.9 billion in state and federal payroll tax revenue  $3.5 billion in state income tax revenue

6  Positive relationship between infrastructure investment and economic growth  Positive impact on private sector employment and activity  Direct user benefits – saving time and improving safety  Increase in industry productivity Pennsylvania’s Highway & Bridge Construction Industry – Long Run Impact

7 Doubling Annual Highway & Bridge Investment in Pennsylvania  What is the economic impact of doubling Pennsylvania highway and bridge capital outlays?  How will this impact state and federal tax revenue?  How many jobs will be created?  What other sectors will benefit from this investment?

8 Economic Impact of $2.5 Billion Highway & Bridge Investment – Overall Economy IndicatorCurrent Value Impact of $2.5 billion investment New Value State Output/GDP$553.3 billion$6.5 billion$559.8 billion Earnings$208.0 billion$2.0 billion$210.0 billion Employment5,195,818 jobs50,091 jobs5,245,909 jobs Value Added$3.5 billion

9 Economic Impact of $2.5 Billion Highway & Bridge Investment – Job Distribution

10 Economic Impact of $2.5 Billion Highway & Bridge Investment – Construction IndicatorCurrent Value Impact of $2.5 billion investment New Value Industry Output/GDP $21.93 billion$2.5 billion$24.45 billion Earnings$19.62 billion$ million$20.52 billion Employment361,039 people20,850 jobs381,889 people Value Added$1.1 billion State Income Tax Contribution $ million$27.73 million$ million State Payroll Tax Contribution $ million$8.76 million$ million Federal Tax Contribution $1.50 billion$69.10 million$1.57 billion

11 Economic Impact of $2.5 Billion Highway & Bridge Investment – Manufacturing IndicatorCurrent Value Impact of $2.5 billion investment New Value Industry Output/GDP $75.5 billion$1.1 billion$76.6 billion Earnings$30.7 billion$196.8 million$30.9 billion Employment644,994 people4,051 jobs649,045 people Value Added$ million State Income Tax Contribution $ million$6.04 million$ million State Payroll Tax Contribution $ million$1.91 million$ million Federal Tax Contribution $2.35 billion$15.05 million$2.37 billion

12 Economic Impact of $2.5 Billion Highway & Bridge Investment – Retail Trade IndicatorCurrent Value Impact of $2.5 billion investment New Value Industry Output/GDP $33.34 billion$ million$33.68 billion Earnings$15.95 billion$112.0 million$16.06 billion Employment682,414 people5,174 jobs687,588 people Value Added$204 million State Income Tax Contribution $ million$3.44 million$ million State Payroll Tax Contribution $ million$1.09 million$ million Federal Tax Contribution $1.22 billion$8.57 million$1.23 billion

13 Economic Impact of $2.5 Billion Highway & Bridge Investment – Health care & social assist. IndicatorCurrent Value Impact of $2.5 billion investment New Value Industry Output/GDP $53.6 billion$ million$53.89 billion Earnings$36.88 billion$132 million$37.02 billion Employment943,376people3,308 jobs946,864 people Value Added$175.5 million State Income Tax Contribution $1.13 billion$4.05 million$1.14 billion State Payroll Tax Contribution $ million$1.28 million$ million Federal Tax Contribution $2.82 billion$10.10 million$2.83 billion

14 Main Study Conclusions  Highway & Bridge Construction Industry Spurs Economic Growth in Pennsylvania  $2.65 billion industry generating $6.9 billion in economic activity  Supports 148,669 full time jobs  $7.01 billion in direct & induced wages  $863.9 million in state & federal taxes

15 Main Study Conclusions  Impact of increased $2.5 billion in highway & bridge investment  $6.5 billion in economic activity  Supports 50,091 full time jobs  $2 billion in wages  $214 million in state & federal tax revenue

16 Contact Information ARTBA – Transportation Development Foundation th Street NW Washington, DC Alison Premo Black, Vice President of Policy


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