A new study commissioned by Forward New Jersey, a coalition of businesses that favor investing in transportation, said that a $2 billion Transportation Trust Fund would support 34,165 jobs with a payroll of $1.4 billion. The study, conducted by the American Road and Transportation Builders Association, said the investment would stimulate $4.7 billion in economic output or $2.35 for every $1 spent.
Other findings of the report included that spending $2 billion on highways, roads, and bridges would drive $258.9 million in new tax revenues and that the biggest winners would be the manufacturing and real estate sectors. According to the report, investing in this part of New Jersey’s infrastructure would increase $553 million in manufacturing output and $305.8 million in real estate.
New jobs would not only be created in construction, but also in retail trade (3,473); healthcare (2,124); and professional, scientific, and technical services (1,936).
Tom Bracken, chair of Forward New Jersey, noted that only three weeks remain before the TTF runs out and that “properly funded TTF will both protect the safety of New Jerseyans and provide the job creation and economic growth that our state needs.”