All Aboard Florida Will Generate More Than $6 Billion In Positive Economic Impact For The State of Florida Over The Next Eight Years

May 21, 2014

A long-forgotten economic principle is being rediscovered in Florida today: Passenger trains benefit more than just the passengers. Each station served by passenger trains attracts economic development to the real estate around its perimeter, raising property values and property-tax collections, stimulating retail sales (and sales-tax collections), attracting affluent new residents to once-sleepy downtowns, opening up new economic opportunities and creating new jobs. Like an expressway interchange or an airport, the railroad station is an economic-development tool because it attracts people in a way that leads them to spend. Every dollar invested in passenger rail throws off big profits for those with the vision to see the future before it arrives.

MIAMI – All Aboard Florida, the express, intercity passenger rail service owned by Florida East Coast Industries, will add nearly $3.5 billion in GDP to the state of Florida’s economy. In addition, over the next eight years the project will generate an estimated $2 billion in labor income and over $600 million in tax revenues for Federal, State, and Local governments…

Beyond the economic benefit, a significant number of jobs will be generated. During the first two years of rail-line construction (between 2014 and 2016) the project is expected to create more than 10,000 jobs on average per year. Beyond 2016 construction and operations of the rail-line and transit-orientated development (TOD) will support an estimated average 5,000 jobs annually through 2021. Once construction is complete the rail-line and TOD operations will support over 2,000 permanent jobs…

“As two mutually reinforcing businesses – passenger rail and transit-oriented development – with direct benefits from each made possible through private investment, All Aboard Florida leads to a cycle of additional investment and economic opportunity, ” said Mike Reininger, President and Chief Development Officer of All Aboard Florida…

In addition to job creation and the significant tax revenues the project will generate, All Aboard Florida will serve the transportation needs of the 9 million residents along the corridor, along with the 50 million who already travel between and within the project’s planned route on an annual basis…

Read the rest of the story: the All Aboard Florida press release, 21 May 2014

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