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Northern Virginia's Transit Network Generates $1.5B in Annual Revenue
Full disclosure: this is a news/media release.
MANAGEMENT
Northern Virginia's Transit Network Generates $1.5B in Annual Revenue
June 1, 2023 • From News/Media Release •
The current study confirms the importance of this region’s transit system to the economic vitality of not only Northern Virginia but to that of the entirety of the Commonwealth of Virginia.
Photo: NVTC
The Northern Virginia Transportation Commission released "The Value of Northern Virginia Transit to the Commonwealth" study which found that Northern Virginia’s transit network generates $1.5 billion in annual personal income and sales tax revenue for Virginia. ... The study estimates that at least $1 billion can be attributed to the Washington Metropolitan Area Transit Authority’s Metrorail system.
Building Off the Past
This study builds off the results from NVTC’s similar study in 2018, which found the impact of Metrorail and the Virginia Railway Express to the Commonwealth was $600 million per year, by assessing the impact of all transit modes and employment effects in Northern Virginia. ... The current study finds that every dollar Virginia invests in transit generates an additional $1.60 in statewide revenues that can be spent on other programs, a 160% return on investment.
“NVTC's 'Value of Northern Virginia's Transit Network to the Commonwealth Study' attests to the unparalleled importance of Metro, Virginia Railway Express and our six bus systems to the economic growth and prosperity of all of Virginia," said NVTC Chair Dalia Palchik. "It makes up nearly 5% of general fund revenues, bringing a strong return on investment for all Virginians, no matter where they live."
{snip}
ABOUT THE AUTHOR
News/Media Release
Staff
Our editorial staff has selected and edited this news release for clarity and brand style because we believe it is relevant to our audience.
Northern Virginia's Transit Network Generates $1.5B in Annual Revenue
June 1, 2023 • From News/Media Release •
The current study confirms the importance of this region’s transit system to the economic vitality of not only Northern Virginia but to that of the entirety of the Commonwealth of Virginia.
Photo: NVTC
The Northern Virginia Transportation Commission released "The Value of Northern Virginia Transit to the Commonwealth" study which found that Northern Virginia’s transit network generates $1.5 billion in annual personal income and sales tax revenue for Virginia. ... The study estimates that at least $1 billion can be attributed to the Washington Metropolitan Area Transit Authority’s Metrorail system.
Building Off the Past
This study builds off the results from NVTC’s similar study in 2018, which found the impact of Metrorail and the Virginia Railway Express to the Commonwealth was $600 million per year, by assessing the impact of all transit modes and employment effects in Northern Virginia. ... The current study finds that every dollar Virginia invests in transit generates an additional $1.60 in statewide revenues that can be spent on other programs, a 160% return on investment.
“NVTC's 'Value of Northern Virginia's Transit Network to the Commonwealth Study' attests to the unparalleled importance of Metro, Virginia Railway Express and our six bus systems to the economic growth and prosperity of all of Virginia," said NVTC Chair Dalia Palchik. "It makes up nearly 5% of general fund revenues, bringing a strong return on investment for all Virginians, no matter where they live."
{snip}
ABOUT THE AUTHOR
News/Media Release
Staff
Our editorial staff has selected and edited this news release for clarity and brand style because we believe it is relevant to our audience.