A proposed sales tax measure that would raise at least $120 billion for public transportation projects if approved by voters in November is projected to put $79.3 billion back into the economy, according to a new forecast.
Metro, the regional transportation agency, shared an analysis Thursday by the Los Angeles County Economic Development Corporation detailing the potential economic benefits of the proposed sales tax plan Measure M, including the creation of an estimated 465,000 jobs.
Light rail, subway and bus rapid transit construction projects that would be funded by the tax plan would result in $51.1 billion of economic output, while another $28.2 billion would be generated through freeway and highway projects during the first 50 years, according to LAEDC analysts.
The economic activity from the transportation infrastructure projects would also bring in $9.5 billion in tax revenue for the city, state and federal government, LAEDC analysts said.
Measure M, which will be on the Nov. 8 ballot, calls for a half-cent sales tax increase on top of an existing half-cent sales tax put in place by the voter-approved Measure R. The proposed tax plan also calls for the extension of the Measure R half-cent tax, bringing the total tax to one cent lasting indefinitely.
— City News Service