Rep. Maloney Report Details Economic Boost From Second Ave. Subway, East Side Access
“The Second Avenue Subway and East Side Access are moving forward and creating thousands of jobs literally beneath our feet,” Maloney said. “The stock market may be slumping, but these two transit megaprojects are delivering a very healthy return on the federal and state investments in them. The Second Avenue Subway and East Side Access have already created tens of thousands of jobs and generated billions in revenue. While these projects won’t cure everything that ails our economy, they are a huge help in getting us back on track.”
“As a decades-long champion of a full-build Second Avenue Subway, I am proud to have revived this project by securing over $2 billion in the previous two capital plans," said Assembly Speaker Sheldon Silver. "I commend Congresswoman Maloney for her report, which shows the economic benefits of moving forward with both the Second Avenue Subway and East Side Access. Completion of a full-build Second Avenue Subway will improve public transportation to and from Lower Manhattan and help alleviate commuter congestion along the Lexington Avenue line. I call on the MTA to maintain their commitment to our Lower Manhattan community by completing both the Second Avenue Subway and other vital commuter projects such as the Fulton Street Transit Hub.”
Manhattan Borough President Scott M. Stringer said, “We all recognize the importance of investing in mass transit for the benefit of the riding public. Through this report, Congresswoman Maloney identifies another critical benefit of projects like the Second Avenue Subway and East Side Access – job creation. As mass transit users – and as members of the community who benefit when as many people as possible are working – we know that infrastructure investment is critical, particularly in difficult economic times.”
“In these tough economic times every dollar counts more than ever,” Council Member Lappin said. “Thanks to Congresswoman Maloney, we have federal money to continue these much-needed infrastructure projects that will keep people working and keep our city moving.”
"Infrastructure is a sound investment -- and with 38,000 jobs already created by the Second Avenue Subway and East Side Access, these investments are paying immediate dividends," said Council Member Dan Garodnick. "Just as these projects are providing valuable jobs to thousands of local workers today, East Side Access and the Second Avenue Subway will be critical economic engines for our city in the future, which is why they must move forward."
“Union jobs provide a ladder to the middle class. These transit projects are employing tens of thousands of union members, who are building infrastructure that will be used by generations of New Yorkers to come,” said Ed Ott, Executive Director of the New York City Central Labor Council. “The federal and state investments in the Second Avenue Subway and East Side Access are extremely important to New York taxpayers and straphangers. I hope that the job creation we’ve seen with these two projects will be replicated around the state once the economic stimulus package is passed.”
“Second Avenue Subway and East Side Access are critical to the long-term mobility of our region and the short-term revitalization of our economy,” said Robert Yaro, President, Regional Plan Association.
“The Second Avenue Subway and the East Side Access are two examples of how infrastructure spending sustains the economy,” said Denise Richardson, Managing Director of the General Contractors Association. “If we look at New York City’s history, we see that even at the depths of the depression, projects like the IND subway line, Triborough Bridge and LaGuardia Airport were all constructed with the goal of providing jobs and the foundation for economic growth.”
In this challenging economic environment, infrastructure investments are being touted as the engine that will bring us out of the slump. Maloney’s report shows how the Second Avenue Subway and East Side Access, two of the nation’s biggest construction projects, continue to move forward and provide economic benefits to our region.
Highlights of Maloney’s Report:
● Every dollar spent on public infrastructure increases GDP by an estimated $1.59.
● Second Avenue Subway has already:
● Created 16,000 jobs
● Generated $842 million in wages
● Produced $2.87 billion in economic activity
● East Side Access has already:
● Created 22,000 jobs
● Generated $1.176 billion in wages
● Produced $4 billion in economic activity
● During construction these projects:
● Second Avenue Subway will generate $4.347 billion in economic activity
● East Side Access will generate $12.275 billion in economic activity
● Following completion, these projects will save commuting time in the region with the longest commutes in the nation.
● Transit projects generate approximately 570 direct and indirect jobs for every $10 million in capital expenditures
● Transit projects generate roughly $30 million in sales for every $10 million in capital expenditures.