High-Speed Rail Investments Continue to Lift California Economy
[ Article originally appeared in https://hsr.ca.gov ]
Investments in California’s first-in-the-nation high-speed rail project are pumping billions of dollars into California’s economy and contributing to positive economic benefits throughout the state, according to the California High-Speed Rail Authority’s latest 2022 Economic Analysis Report.
“High-speed rail creates good-paying jobs and generates income for Californians while leading the way for the state’s future transportation,” said Authority CFO Brian Annis. “We look forward to our continued partnership with the federal government and our local partners as we build this transformative project for California.”
Last month, the Authority celebrated a historic milestone, announcing the creation of more than 10,000 construction jobs since the start of high-speed rail construction. Most of these jobs have gone to Central Valley residents and men and women from disadvantaged communities.
“This project is not only reconnecting the Central Valley to the rest of the state, but it is improving the economic prosperity of our region,” said Fresno Mayor Jerry Dyer. “Creating good-paying jobs gives our residents the opportunity to send their kids to college, buy homes and continue to invest in their hometown. High-speed rail will transform the Valley and California and will be a model for the country.”
Click for larger version.
These jobs are the result of the project’s investment of more than $9.8 billion since 2006 in its planning and construction. More than one of every two of these dollars have been invested in California’s disadvantaged communities, driving economic activity in these areas.
The Authority estimates a total of 80,000 job-years have resulted from the project so far, sparking $6 billion in total direct labor income earned by workers on the project and $16 billion in total economic activity. Job-years are defined as the equivalent number of one-year-long, full-time jobs supported by the project. For example, if one full-time job is supported for two years, it represents two job-years.
The Authority estimates completing the initial Merced to Bakersfield operating segment would result in a total of 325,000 job-years of employment and total economic activity of $65.1 billion.
As of December 2022, more than 760 certified small businesses throughout the state are also helping build high-speed rail. To date the Authority has paid more than $1.3 billion to certified Small Businesses, Disadvantaged Business Enterprises and Disabled Veteran Business Enterprises in California for their work.
The Authority has begun work to extend the 119 miles under construction to 171 miles of future electrified high-speed rail from Merced to Bakersfield. The project has more than 30 active construction sites in California’s Central Valley, with the Authority having environmentally cleared 422 miles of the high-speed rail program from the Bay Area to the Los Angeles Basin.
The Authority’s economic impact analysis is updated annually and reflects data as of June 2022.
An updated webpage featuring the latest 2022 economic impact analysis can be found here. A related fact sheet can be found herePDF Document and information on project construction progress can be found at: www.buildhsr.comExternal Link
The following link contains recent video, animations, photography, press center resources and latest renderings: https://hsra.app.box.com/s/vyvjv9hckwl1dk603ju15u07fdfir2q8External Link
These files are all available for free use, courtesy of the California High-Speed Rail Authority.SOURCE: https://hsr.ca.gov/2023/03/16/news-release-high-speed-rail-investments-continue-to-lift-california-economy/
Back To News