NC Chamber Foundation Releases New Transportation Funding Report
At the NC Chamber’s virtual Transportation and Infrastructure Summit, the NC Chamber Foundation unveiled a new report, Modernizing North Carolina’s Infrastructure Through Sustainable and Diversified Revenue Streams, which outlines potential pathways for securing a more sustainable stream of transportation revenue for North Carolina.
“A well-funded transportation network is vital to our success as a state, especially as we work to rebound from the impacts of COVID-19,” said NC Chamber Foundation President Kelly Fuller. “To achieve that here in North Carolina, we need a modernized funding formula that is designed to grow investments in our network at the pace of our fast-growing population. This report gives us a road map our leaders can use to examine the routes we might take to get there.”
The new report, conducted on the Foundation’s behalf by the Institute for Transportation Research and Education (ITRE) at N.C. State University, identifies four of the most viable options to reduce our state’s reliance on the motor fuels tax. (Over the next month, we will dive into one of these options each week in more detail.) To demonstrate the multiplying effects strategic transportation investments can impart on local economies, the report also provides economic impact snapshots for several transportation projects that have been completed across the state in recent years.
Supporting a world-class transportation network has long been a priority for the NC Chamber and NC Chamber Foundation. With the NC FIRST Commission currently working to provide transportation solutions for our state, and with North Carolina at a critical juncture in securing our economic future, the Foundation’s report will inform how the Chamber advocates and builds support around a modernized approach to transportation funding with our Destination 2030 Coalition.
If you have not yet joined this important Chamber-led movement, click here to learn more and add your company’s voice to the coalition today. In the months ahead, coalition members will be called upon to help the Chamber team turn viable options into workable solutions that we can be proud to support as a business community.
Check out this new article by David Mildenberg with Business North Carolina to learn more about why the Chamber and Chamber Foundation are prioritizing this critical issue.