Last week, SEPTA announced plans to begin restoring major elements of its system to service – an important step in the recovery from the COVID-19 crisis. A new study from Econsult Solutions Inc. underscores the critical role SEPTA will have in rebuilding the economy, both regionally and for the Commonwealth as a whole.
“In this time of crisis, SEPTA has proven its value as the region’s essential infrastructure, providing access to hospitals, grocery stores and other life-sustaining services,” said SEPTA Chairman Pasquale T. Deon Sr. “As we move forward, SEPTA will remain an essential part of our efforts to rebuild the economy and put Pennsylvanians back to work.”
Data and analysis contained in the report reflect conditions prior to the COVID-19 crisis. It shows that the transportation network is absolutely essential to the economic competitiveness and growth of southeast Pennsylvania, which is the most economically productive region of the state.
“While the future will remain uncertain for some time, the analysis demonstrates that the southeast region is an essential contributor to the prosperity and fiscal health of Pennsylvania moving forward,” said SEPTA General Manager Leslie S. Richards. “Transit drives the economy, and investing in the recovery of SEPTA and the southeast region is essential to any strategy for Pennsylvania’s economic recovery.”
The report found that the five-county region represents 42 percent of the Commonwealth’s economic activity, which is an increase of almost 2 percent since 2013 and represents $15 billion in additional economic product. The region also provides 38 percent of the state’s general revenue funds, up 2.2 percent since 2013 and representing $770 million in additional state tax revenue. The region also continues to grow, adding 121,537 residents since 2010, compared to a population loss of 30,708 statewide.
The region provides this economic value to the Commonwealth on just five percent of its total land, a degree of density and productivity only possible with high-capacity mass transit. SEPTA moves the region and is a crucial driver of economic progress, supporting:
- 26,500 jobs, $1.86 billion in earnings, and $3.43 billion in annual economic impact across Pennsylvania.
- A capital investment program whose economic impact has more than doubled since the passage of Act 89 in 2013, now producing more than $1 billion in annual statewide sales and thousands of jobs across the Commonwealth.
- Population growth along rail transit lines in Philadelphia that is more than twice the citywide average.
- $33 billion in property values across the southeast region, 11% of the total base of assessed value.
For the report and more information, please visit: http://www.septa.org/economic-impact.