As BizFed revs up support for accelerating the use of Measure R funds before the Metro board’s consideration April 22, this hot-off-the-presses report by LAEDC offers a look at the significant economic impact Measure R will have for the entire region. 

Some key highlights for quick review:

·Total spending, budgeted to exceed $34.7 billion, will generate $68.8 billion in economic output (measured by business revenues) in the five-county Southern California region.  

·Average annual project spending is estimated at $1.157 billion, with an average annual economic impact of $2.292 billion and an annual average of 16,900 jobs with $746 million in annual earnings. 

·Over the entire time-span of Measure R, this will add 507,500 jobs with earnings of $22.4 billion. 

·The total economic output associated with highway and freeway projects is estimated at $46.3 billion, including new freeways or highways, expanding capacity on freeways and interchanges, and grade separations along major goods movement corridors and sound wall barriers.

·Transit projects including construction of light and heavy rail lines, subway extensions, and bus rapid transit lines will generate $22.5 billion in total (direct, indirect and induced) output for the Southern California region.  

·Almost 40 percent of the total output earned by firms will be in the construction industry - and over 43 percent of the jobs generated. However, other industries are also significantly impacted including: manufacturing; real estate; retail trade; accommodation and food services; professional and scientific services; finance and insurance; and health care.  

·Total tax revenues collected will exceed $9.3 billion, or an annual average of $310 million. Approximately 70 percent, or $6.6 billion, will be earned at the federal level. More than $2.3 billion in state taxes will be paid over the life of Measure R. 

This report reinforces the very real impact Measure R projects will have on our economy – and BizFed is committed to rallying a united voice of support for the “30/10” Initiative and accelerating this impact into the next decade