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Texas' Prosperity Continues with TTC
The extensive report shows that the TTC will serve as a "notable incremental stimulus" to the future prosperity of Texas. Over the next 25 years, the economic stimulus of the TTC–35 project is conservatively estimated at $1.4 trillion (in 2005 dollars), with 14.8 million person-years of employment. At the project's maturity, TTC–35 will generate approximately $6.9 billion per year of additional state revenue. TTC–69, too, offers a yearly revenue enhancement to the state of about $3.2 billion.
"The 25 year forecast provided by the Perryman Report projects a 214% increase in road use in Texas. Because of congestion hazards, our only responsible course of action is to expand capacity. The TTC's $1 trillion bonus in economic stimulus from the improved competitiveness achieved by addressing long term transportation infrastructure needs should not be squandered or abdicated to other states or countries," said Judy Hawley, member of the Trans-Texas Corridor Advisory Committee.
Because the TTC enhances efficiency, improves logistics, and reduces transportation time and costs, it increases the ability of companies within the region to expand intrastate trade and operations, improving competitiveness and profitability, as well as improving the strategic position of Texas as a site for corporate locations and expansions.
Increased activity generated by the TTC also supplies investment, job opportunities, and increased tax revenues to the municipalities and other local governments affected. According to Perryman's report, the total conceptual TTC plan—including the longer–term development of other corridors, rail infrastructure and other projects—will:
- Contribute annual gains of $1.6 trillion in expenditures
- Increase the gross state product by $665.9 billion
- Boost personal income in Texas by $376 billion
- Generate 3.7 million permanent jobs
Rural areas also benefit, with the value of agricultural land expected to rise. Even using maximum reductions in agricultural production, the annual gains to farmers and ranchers from enhanced efficiency and development exceed the losses by a ratio of 39.4 to 1 in the TTC–35 Study Area.
The report emphasizes the role of infrastructure in supporting economic growth and long-term prosperity, and concludes that the TTC will play an important part in achieving this goal for generations to come.
For more information see the Perryman Report or visit the Perryman Group.
