Tampa Hillsborough Expressway Authority Generates $1.6 Billion In Local Economic Impact
The Tampa Hillsborough Expressway Authority (THEA) commissioned the University of South Florida’s Center for Urban Transportation (CUTR) to provide insight into the Selmon Expressway’s economic impact through the Expressway’s network of properties. The network of properties studied included the Selmon Expressway, the Meridian Parkway, the Selmon Greenway, and the Brandon Parkway. Since its inception in 1975, the Authority’s capital infrastructure investments and operations have created 15,000 jobs in high-impact industry sectors and generated $1.6 billion in local and state gross domestic product.
“Authority operations provide a significant contribution toward area employment by supporting jobs in the most relevant industries of the region,” the report states.
According to the report, THEA’s wide-ranging economic activity in the region creates new jobs, facilitates the transport of goods, increases property values in areas surrounding their roadways, and saves drivers time and money.
The report boasts substantial positive impacts on urban mobility and business development, including $1.8 billion savings in travel time and out-of-pocket costs and $37 million in accident-cost savings.
As of 2019, approximately 13,300 businesses were operating within one mile of the Lee Roy Selmon Expressway, representing 23.1 percent of all establishments in Hillsborough County. Between 2010 and 2019, business activity along the Lee Roy Selmon Expressway demonstrated substantial growth relative to comparative areas with 12.6 percent greater development in new businesses and 2 percent higher employment growth.
Another comparative analysis showed that properties within one mile of the Lee Roy Selmon Expressway had greater value than other areas in Hillsborough County. Single-family homes exhibit a 23 percent higher sale price while commercial properties average a 22 percent higher sale price. The increased property value translates to an additional tax revenue of about $48 million for Hillsborough County’s Property Tax roll.
“This report is an indication that people are willing to pay a premium for the amenity of being close to a major roadway. Maintaining a positive economic impact on the community is important to our agency, and this report highlights the fact that urban mobility positively affects travelers and that the community benefits from the result of a multitude of healthy transportation networks,” said Greg Slater, THEA CEO and Executive Director.
Slater said that in addition to economic benefits, THEA’s Lee Roy Selmon Expressway has demonstrated positive environmental impacts. Using the Expressway reduces annual carbon dioxide emissions by 160 thousand metric tons and saves residents $26 million in fuel costs each year. Carbon dioxide tailpipe emissions are reduced with all-electronic tolling and less congested roadways.
Read the complete report at https://www.tampa-xway.com/wp-content/uploads/2022/02/THEA_Economic_Contribution_Report_Final_2_10_22.pdf