Higher-speed rail investments continue to lift California economy

Investments in California’s 1st-in-the-nation higher-speed rail project are pumping billions of dollars into California’s economy and contributing to good financial advantages across the state, according to the California Higher-Speed Rail Authority’s most recent 2022 Financial Evaluation Report.

“High-speed rail creates jobs and generates revenue for Californians when paving the way for the state’s future transportation,” mentioned Authority CFO Brian Annis. “We appear forward to our continued partnership with the federal government and our neighborhood partners as we construct this transformative project for California.”

Final month, the Authority celebrated a historic milestone, announcing the creation of far more than ten,000 building jobs considering the fact that the get started of higher-speed rail building. Most of these jobs have gone to Central Valley residents and males and ladies from disadvantaged communities.

“This project is not only reconnecting the Central Valley to the rest of the state, but it is enhancing the financial prosperity of our area,” mentioned Fresno Mayor Jerry Dyer. “Creating superior-paying jobs offers our residents the chance to send their youngsters to college, purchase properties and continue to invest in their hometown. Higher-speed rail will transform the Valley and California and will be a model for the nation.”

These jobs are the outcome of the project’s investment of far more than $9.eight billion considering the fact that 2006 in its arranging and building. Much more than a single of each and every two of these dollars have been invested in California’s disadvantaged communities, driving financial activity in these locations.

The Authority estimates a total of 80,000 job-years have resulted from the project so far, causing $six billion in total direct labor revenue earned by workers on the project, and $16 billion in total financial activity.

Finishing Merced to Bakersfield would outcome in a total of 325,000 job-years of employment and a total financial activity of $65.1 billion. Job-years are defined as the equivalent quantity of a single-year-extended, complete-time jobs supported by the project. For instance, if a single complete-time job is supported for two years, it represents two job-years.

The Authority estimates finishing the initial Merced to Bakersfield operating segment would outcome in a total of 325,000 job-years of employment and total financial activity of $65.1 billion.

As of December 2022, far more than 760 certified compact companies all through the state are also developing higher-speed rail. To date the Authority has paid far more than $1.three billion to certified Smaller Corporations, Disadvantaged Enterprise Enterprises and Disabled Veteran Enterprise Enterprises in California for their function.

The Authority has begun function to extend the 119 miles below building to 171 miles of future electrified higher-speed rail from Merced to Bakersfield. The project has far more than 30 active building web sites in California’s Central Valley, with the Authority obtaining environmentally cleared 422 miles of the higher-speed rail system from the Bay Location to the Los Angeles Basin.

The Authority’s financial influence evaluation is updated annually and reflects information as of June 2022.

An updated webpage featuring the most recent 2022 financial influence evaluation can be identified right here. A associated reality sheet can be identified right here and data on project building progress can be identified at: www.buildhsr.com

The following hyperlink includes current video, animations, photography, press center sources and most recent renderings: https://hsra.app.box.com/s/vyvjv9hckwl1dk603ju15u07fdfir2q8

These files are all out there for no cost use, courtesy of the California Higher-Speed Rail Authority.

You can discover this news release on the web right here https://hsr.ca.gov/2023/03/16/news-release-higher-speed-rail-investments-continue-to-lift-california-economy/.

Una versión en español del comunicado de prensa está disponible en línea aquí https://hsr.ca.gov/es/2023/03/16/news-release-higher-speed-rail-investments-continue-to-lift-california-economy/.