Earlier today, the N.C. Department of Transportation released its Draft 10-year State Transportation Improvement Program (STIP), which includes positive economic results from the Strategic Transportation Investments (STI) law passed in 2013. According to the NCDOT, using the new formula over 10 years, NCDOT will fund 478 highway projects and create 300,000 jobs. Using the same existing funds, the old formula would have only produced 175 highway projects and 174,000 jobs.
The Strategic Mobility Formula, created by the STI law, changes the way transportation funding is distributed and prioritized throughout the state. Ultimately, it creates more efficiency and builds trust that taxpayer dollars intended for transportation are, in fact, going toward needed construction and improvements to North Carolina’s transportation infrastructure, including highways, rail and airports. This is an important first step in addressing North Carolina’s transportation funding challenges.
In a press release issued by the NC Chamber today, President and CEO Lew Ebert stated, “The business community commends Governor McCrory, Secretary Tata and the legislature for recognizing transportation as a priority and implementing a data-driven plan to create greater efficiency to strengthen statewide infrastructure. Investing in the transportation system is crucial and yields a significant return on investment as it provides a resource for years to come. If North Carolina fails to address both the short-term and long-term needs, gains made in other business areas will be undermined by the competitive disadvantage we face in transportation. We look forward to continue working with state leaders to address North Carolina’s long-term funding challenges.”
Gary J. Salamido
Vice President, Government Affairs
North Carolina Chamber
Save the date for the North Carolina Chamber’s Transportation and Infrastructure Summit in Greensboro, N.C. on April 9, 2015. If your organization is interested in sponsoring the event or purchasing a table, contact Sandy Harrell.