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Benefits of I-73: Job Creation

The Federal Highway Administration (FHWA) estimates 42,000 jobs are created for every $1 billion invested in highway construction. To specifically evaluate the number of jobs created by construction of Interstate 73, Chmura Economics and Analytics, a profesional economics based in Richmond, VA has performed a full I-73 economic impact statement for three states: Virginia, West Virgina and South Carolina.

Chmura estimates:

  • 22,347 jobs created in South Carolina
  • 5,303 jobs created in Virginia
  • 2,020 jobs created in West Virginia

An additional analysis was performed by Dr. Don Schunk, an economist formerly with Coastal Carolina University. Dr. Schunk evaluated the impact of construction of I-73 in South Carolina. He estimates that construction activities will add 7,720 jobs each year for a 5-year construction process.

I-73 is crucial for this region within South Carolina. Unemployment rates within the region are typically above the state and national averages (see the comparison below), indicating a larger-than-average workforce within the I-73 corridor:

  January 2011
Unemployment %
February 2011
Unemployment %
State Corridor
State
Nat'l
9.0%
Corridor State Nat'l
8.9%
Michigan 14.2% 11.3%   13.9% 11.0%  
Ohio 9.3% 10.1%   8.9% 9.8%  
W. Virginia 10.6% 10.3%   10.6% 10.2%  
Virginia 8.1% 6.9%   7.5% 6.6%  
N. Carolina 11.1% 10.4%   10.7% 10.1%  
S. Carolina 14.4%M 10.5%   13.9% 10.3%  
Total Corridor 12.0% 9.9%   11.7% 9.6%  

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