IN-DEPTH: Analysis projects 'Rio Grande Plan' could generate $12+ billion in economic output

Описание: 2News spoke with Christian Lenhart, co-author of the Rio Grande Plan proposal, about the project and analysis regarding projected economic benefit for the Salt Lake area.

According to the Utah State University Analytics Solution Center:

"The Rio Grande Plan (RGP) is a transformative infrastructure project designed to realign Union Pacific, Utah Transit Authority (UTA) FrontRunner, and Amtrak right-of-way into a 4.2-mile underground “train box”. By placing these rail lines below grade, the plan aims to bridge existing east-west mobility divides, eliminate at-grade crossings, and transform Salt Lake City’s historic Rio Grande Depot into a central transportation hub. This project has the opportunity to unlock a minimum of 75 acres of prime land for economic redevelopment—creating tens of thousands of new jobs and billions in economic impact."

This analysis, based on IMPLAN economic modeling, finds that the Rio Grande Plan will generate over $12.23 billion in total economic output ($7.63 billion total value-add to GDP) across construction, redevelopment, and year one of operations of the “Rio Grande District.”
Key benefits in Salt Lake County include:
● Job Creation: Over 51,800 new jobs across Salt Lake County.
● Increased Tax Revenues: Nearly $376 million in new state, and local tax revenue from construction, redevelopment, and year one of operations (tax revenues generated from economic activities in Salt Lake County).
● Boost to Local Businesses: A projected $3.17 billion in new annual commercial output after the redevelopment phase, creating 13,600 permanent jobs in office, retail, and hospitality sectors, throughout Salt Lake County.
● Expanded Housing & Tourism: Construction of 2,672 new housing units and a 15% increase in visitor spending, contributing $118 million annually to Salt Lake County’s tourism economy.

As mentioned in the interview with Lenhart, the potential cost of the train box and associated impacts ranges from $3 to $5 billion, according to a 2023 Salt Lake City study.

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