Investments in Transportation Projects Create Jobs in
Sectors Where Nearly 90 Percent of Jobs Have Middle-Class
WASHINGTON – A new report released today
by the U.S. Department of Treasury with the Council of Economic Advisers finds
that now is the key time to invest in infrastructure to create middle-class
jobs, increase our long-term competiveness, and support a more secure energy
future. The President’s all-of-the-above strategy for American energy and his
FY2013 Budget proposes a bold plan to renew and expand America’s infrastructure.
The plan includes a $50 billion up-front investment connected to a $476 billion
six-year reauthorization of the surface transportation program and the creation
of a National Infrastructure Bank.
report highlights the need for critical investments in transportation to help
ease the burden on middle-class families trying to make ends meet, create jobs
where workers would especially benefit, and also strengthen our competitiveness
and support business infrastructure over the long term,” said Assistant
Secretary for Economic Policy Jan Eberly.
report’s analysis reflects, investment in infrastructure supports middle-class
families in a range of ways. In the short-term, investments in transportation
create middle-class jobs – 80 percent of the jobs created are in the
construction sector, the manufacturing sector and the retail and wholesale trade
sectors – where nearly 90 percent of the jobs have middle-class
long-term, transportation choices, including public transit and high-speed rail,
deliver benefits to families burdened by fluctuating global oil markets,
congested automobile travel, and a lack of transportation options. The average
American family spends more than $7,600 a year on transportation, which is more
than they spend on food and more than twice what they spend on out-of-pocket
health care costs. For 90 percent of Americans, transportation costs absorb one
out of every seven dollars of income. Multi-modal transportation investments are
critical to making sure that American families can travel without wasting time
and money stuck in traffic.
Additionally, a more efficient transportation
infrastructure system reduces our dependence on foreign oil, while saving
families time and money. Traffic congestion on our roads results in 1.9 billion
gallons of gas wasted per year, and costs drivers more than $100 billion in
wasted fuel and lost time. More efficient air traffic control systems would save
three billion gallons of jet fuel a year, translating into lower costs for
consumers. Finally, new research indicates that Americans who were able to live
in “location efficient” housing were able to save $200 per month in lower costs,
including paying less at the pump, over the past decade.
Key Findings of the Report
You can read the full report here.