PPTA projects can pump billions of dollars into local and state economies, and support thousands of jobs. Here is a quick list of job-related and economic benefits:
Short-term economic benefits:
- Jobs in construction, sales and support, and facility operations
- Additional retail sales for local and regional businesses
Long-term economic benefits:
- Facility operation and maintenance jobs
- Indirect jobs and business activity
- Cost savings for households and businesses:
- Reduced travel delay & expenses
- Enhanced safety and reliability
- Improved transportation capacity and connectivity
- Tax revenue from increased business
Opportunities for Virginia’s DBE/SWAM Businesses
Some of the major economic benefits of large scale projects delivered through the Public-Private Transportation Act (PPTA) are the opportunities they provide for Virginia’s Disadvantaged Business Enterprises (DBE) and Small, Women and Minority-Owned businesses (SWaM). VDOT’s P3 projects are supporting tens of thousands of jobs and have awarded over a billion dollars in contracts to DBE and SWaM companies. In fact, the I-495 Capital Beltway Express Lanes project awarded over $545 million to DBE and SWaM businesses, the largest single project contribution in Virginia’s history.
Economic impact of construction spending
I-495 Express Lanes – 2008-2013
Fairfax County
Total Output: $2.33 Billion
Personal Earnings: $452 Million
Jobs Supported: 13, 279
Washington Area
Total Output: $2.67 Billion
Personal Earnings: $821 Millioin
Jobs Supported: 31, 844
Virginia
Total Output: $3.46 Billion
Personal Earnings: $934 Million
Jobs Supported: 29,210