Virginia Gov. Robert McDonnell unveiled an analysis Tuesday showing the potential employment and economic growth offered by his $4 billion transportation spending plan.
According to Richmond-based Chmura Economics and Analytics, the transportation package would add $13.1 billion to the state’s economy over six years and would create 105,642 new jobs.
The Hampton Roads region would see a $6.2 billion economic benefit, the largest among nine regions studied in the report. The nine regions would also see an estimated $10.4 million in additional tax revenue over the six-year period.
The spending package would fund 900 projects statewide with $3 billion of bonds and $1 billion of grant anticipation revenue vehicle bonds, or Garvees.
The plan needs the Virginia General Assembly to accelerate bond issuance to $600 million a year from $300 million, the level initially authorized by the state in 2007.
“Responsibly advancing bond sales and accelerating projects can bring tomorrow’s transportation improvements to citizens today,” said Transportation Secretary Sean Connaughton.
