AASHTO Journal, 21 March 2014
A report released this week by the Indiana Department of Transportation shows that a major bridge project, constructed in partnership with the Kentucky Transportation Cabinet, will not only better connect the two areas and provide greater mobility, but also infuse $87 billion into the local economy and add 15,000 jobs to the area.
The study analyzed the Louisville-Southern Indiana Ohio River Bridges Project’s potential economic impact on current commercial and industrial development, jobs, any future development close to the project area, possible financial impacts on local government revenues, and any demands the project may put on government services.
And in addition to that that $87 billion in economic impact and the creation thousands of jobs in the area, the study also found that the project will contribute an extra $29.5 billion in personal income to the local economy through wages and also be responsible for another $7 billion in local tax dollars.
“The study shows that over 30 years, we will see definitive economic benefit for workers and local governments,” said Indiana Public Finance Director Kendra York in a statement. “The region will also benefit from improved access to surrounding markets, expanding the market for regional businesses and the range of goods and services available in the region.”
The $2.58 billion Ohio River Bridges project is being constructed by INDOT and KYTC to “improve safety, alleviate traffic, connect highways and create economic development,” according to the project website. The project is constructing two new bridges and the highways that connect them. Kentucky is responsible for the Downtown Crossing and Indiana is responsible for the East End Crossing. Officials say the project should be completed by the end of 2016. Additional information on the Louisville-Southern Indiana Ohio River Bridges Project is available at KYINbridges.com.
