North Carolina Gov. Pat McCrory earlier this week introduced a transportation funding plan in an effort to accelerate investment in the state's infrastructure and generate economic growth.
The "strategic mobility formula" was designed to enable the North Carolina Department of Transportation (NCDOT) to use existing funds more efficiently to significantly increase projects that would better connect economic regions, NCDOT officials said in a prepared statement.
Department officials estimate the formula would fund at least 260 projects and create more than 240,000 jobs over the next 10 years. The formula adopts a tiered approach that would align available funding with the state's greatest transportation priorities. Under the formula, 40 percent of funding over the 10 years would be allocated to the statewide level; 40 percent allocated to the regional level; and 20 percent allocated to the division level.
"With our population growing rapidly and transpiration revenues continuing to decline, we have to be efficient and strategic in the way we fund, distribute and prioritize projects that are aligned with commerce," NCDOT Secretary Tony Tata said. "The strategic mobility formula increases our ability to have the highest impact and address the greatest needs."
NCDOT officials are working with the state Department of Commerce to invest in infrastructure, he said.
"Making impactful change requires strong collaboration," McCory said. "Government agencies working in silos doesn't work."
Several lawmakers plan to propose legislation for the strategic mobility formula this session.
Browse articles on North Carolina Gov. Pat McCrory on Progressive Railroading