Va. transportation spending up 54% in next 6 years

Va. transportation spending up 54% in next 6 years

Virginia Governor Bob McDonnell recently discussed the states budget surplus and the transportation bill passed last session of the General Assembly, in a presentation to a joint meeting of the Senate Finance, House Appropriations and House Finance Committee.

General fund revenues rose 5.3 percent in the past fiscal year, more than forecast. Virginia has created 172,600 net new jobs since February 2010, and the seasonally adjusted unemployment rate has dropped from 7.5 percent in February 2010 to 5.5 percent today.

As a result of the transportation bill, the Commonwealth Transportation Boards FY 2014-2019 Six-Year Improvement Program has grown statewide by $3 billion to $14.4 billion this year. Once the additional $1.9 billion for Northern Virginia and $1.3 billion for Hampton Roads are included, the total investment in transportation in the next six years will jump by 54 percent to $17.6 billion. A recent study of the legislation by Chmura Economics found the bill will sustain 13,058 jobs annually and have a $9.5 billion economic impact.