More than $36 billion in economic benefits will result from the development of the planned high-speed rail line between Houston and Dallas, according to an independent study commissioned by the developer Texas Central.
The new study found that all of the cities, counties, and school districts, neighboring the planned route will begin benefitting economically even before operation begins — owing to job creation, increased tax revenue, accompanying private development, etc. The $36 billion figure pertains to the benefits occurring over a 25 year time-span.
The new study was performed by Insight Research Corporation of Allen, Texas. Accompanying the announcement of the study findings, Texas Central also revealed that it will be paying up to $2.5 billion in taxes (to state, county, local, etc, authorities) over the next 25 years, as part of the project.
An email recently sent to CleanTechnica provides more:
Texas Central, backed by a group of Texas-based investors, will not take federal grants for construction or public subsidies for operation. Trains will make the trip between Dallas/Fort Worth and Houston in less than 90 minutes, with a single stop at its Brazos Valley station to be in Grimes County somewhere between Bryan/College Station and Huntsville. The company reaffirms it plans to begin operations in 2021. The estimated $36 billion in economic impact includes the initial $10 billion that Texas Central plans to spend on the project’s design and construction.
Among the findings:
- The project could create an average of 10,000 jobs per year over the 4 years for construction, totaling more than 40,000 highly skilled jobs with competitive salaries.
- Once rail operations begin, TCP estimates that it will employ about 1,000 permanent employees along the entire route, including operations and maintenance. The annual payroll is estimated at $80 million.
- An additional 4,000 indirect jobs are expected to be created, thanks to anticipated spending of TCP and its employees.
- Other businesses will benefit indirectly as the project brings more people into local restaurants, hotels and retail shops.
From the CEO of Texas Central Partners, Tim Keith, commented: “This is an unprecedented multi-billion-dollar private investment in the state’s future. The overall economic impact is incredible and it’s real. The project will directly benefit each of the counties along the route and provide additional resources to the state and local communities to help fund transportation or any other needs and ambitions they choose to support.”
“The economic impact is unique because it will have lasting effects for generations. Texas Central is providing tax revenue that can provide raises for municipal employees, put more teachers in schools, build new roads, hire more police, and firefighters or improve facilities in all of the counties where we’ll be operating.”
Those looking for more information on the rail-line can find it here.
Image Credit: Public Domain