Today, the Construction Authority received an economic impact analysis report of the Foothill Gold Line project. The report, entitled “Economic Impact Study of the Foothill Gold Line Glendora to Montclair Segment,” was prepared by Beacon Economics, and quantifies the significant economic impact that will result from the $1.5 billion public investment the region is making in the six-station light rail project, including: jobs created, economic output, labor income and tax revenues.
Here are some highlights from the report’s conclusions:
During Construction, the Foothill Gold Line will generate for Los Angeles County:
- More than $2.6 billion in economic output; $1.6 billion in construction and professional services alone
- Nearly 17,000 jobs; 10,000+ in construction and professional services alone
- More than $1 billion in labor income
- Nearly $40 million in tax revenues
Once in Passenger Service, the extension will continue to generate economic impacts for Los Angeles County on an annual basis:
- More than $52 million in economic output, annually
- $17 million in labor income, annually
- Nearly $800,000 in tax revenues, annually
- 277 on-going jobs
The Beacon report also highlights the importance of the secondary economic benefits of private investments in transit-oriented development near the six future Gold Line stations from Glendora to Montclair. Here is what it concludes:
- The future extension has already spurred $1 billion in private investments in residential and commercial development, including nearly 1,200 residential units near the future Montclair station alone and one million square feet of commercial property.
- An additional nearly $600 million in development is planned along the corridor; with more than 1,800 new residential units and 10,000 square feet of commercial space in the works within a half-mile radius of a future station.
Click here to read the full report.