HOT lanes construction to pump billions into economy

May 6, 2009 - 5:00am

HOT Lanes rendering (Image courtesy of VDOT)

Here's how the Virginia Department of Transportation envisions the HOT lanes. (Image courtesy of VDOT)

Hank Silverberg, WTOP.com

VIENNA, Va. - A study done at George Mason University indicates the Interstate 495 High Occupancy Toll lanes construction project is expected to pump $2.7 billion into the region's economy and support as many as 11,800 full-time jobs during its six-year construction period.

Fairfax County would see $2.33 billion generated, along with more than 5,600 jobs. Construction would add $3.46 billion to Virginia's economy. The $3.46 billion includes Fairfax County.

Stephen Fuller, director for the Center for Regional Analysis at George Mason University in Fairfax, Va., says in the short term, that equates to 10 percent of the job growth in the county in 2009.

Of the 11,800 full-time jobs the construction will support, about 600 would be full-time, on-site construction jobs. Other jobs would be indirectly related to construction. Additionally, more than 20,000 other jobs would be supported by HOT lanes construction elsewhere.

Fuller says in the long term, "This project, along with Metro rail through Tysons Corner, is going to create a whole new level of access to a very important part of the region's economy."

The project would help boost the local economy through direct spending, as well as through increased property values. The study projects that each dollar spent on materials and workers will generate $2.25 as the money is re-spent in local stores and restaurants.

"While many shovel-ready projects are still waiting for federal stimulus funding or are on hold due to tight budgets, Capital Beltway HOT Lanes construction is delivering real paychecks, real jobs and real economic growth today," says Fuller.

The study did not look at how much business the toll lanes might chase away simply because of the tolls.

Eleven key interchanges will be upgraded and aging infrastructure replaced, including more than 50 bridges and overpasses, as part of the $1.54 billion construction project. The projected completion date for the construction is 2013.

Hank Silverberg, WTOP.com

Fairfax County would see $2.33 billion generated, along with more than 5,600 jobs. Construction would add $3.46 billion to Virginia's economy. The $3.46 billion includes Fairfax County.

Stephen Fuller, director for the Center for Regional Analysis at George Mason University in Fairfax, Va., says in the short term, that equates to 10 percent of the job growth in the county in 2009.

Fuller says in the long term, "This project, along with Metro rail through Tysons Corner, is going to create a whole new level of access to a very important part of the region's economy."

The study did not look at how much business the toll lanes might chase away simply because of the tolls.

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