North Carolina is experiencing the effects of a nationwide transportation funding crisis.
Current estimates predict a $3.7 billion annual shortfall in the state’s transportation revenue during the next 25 years, revenue that will be vital to ensure safe travel on our roads and bridges, support our anticipated population growth and meet the mobility demands of our state’s economy. Failing to address this shortfall will result in less job growth, a less competitive business climate, more potholes, more structurally deficient bridges, inefficient movement of freight and commerce and a decline in quality of life.
In 2013, the N.C. General Assembly passed the Strategic Transportation Investments law, which focused on improving the efficiency of the existing Highway Trust Fund. The new formula replaced the 1989 Equity Formula with a competitive project selection and evaluation process that is collaborative and transparent.
During the next 10 years, the N.C. Department of Transportation anticipates scheduling 478 highway projects, which will create 300,000 jobs, compared with 175 highway projects and 174,000 jobs under the previous law. The N.C. Chamber of Commerce reports that for every $1 billion in additional transportation investment in our state, we will generate 14,300 jobs, $10.3 billion in additional wages and $10.8 billion in additional gross state product annually.
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