A recent study by Chmura Economics was mentioned in VRA's January 7th press release:
FOR IMMEDIATE RELEASEJanuary 7, 2010Contact: Rod DavisStrategic Projects ManagerVirginia Resources Authority(757) 477-7763Rdavis@virginiaresources.org
VRA Investments Activated Major Economic Engine in Virginia~ Economic impact study shows 35 jobs supported per million dollars of VRA loans ~
RICHMOND – Virginia Resources Authority invested over $2.2 billion in Virginia’s vital infrastructure during the period between fiscal year 2006 to calendar year-end 2009, producing over 40% of VRA’s lifetime performance. The loans to localities generated jobs and economic growth across the Commonwealth. These findings are documented in a 2009 professional study, Economic and Fiscal Impacts from VRA Loan Programs on the Commonwealth of Virginia, by Chmura Economics and Analytics.
According to the Chmura study, VRA’s vital infrastructure investments in FY2006-CYE2009 generated over $3.3 billion of construction spending and over 31,000 one-time construction jobs. Additionally, the investments are supporting over $13.0 billion of additional sustained spending and over 124,000 permanent jobs. These tremendous economic impacts are enhancing the vitality and economic growth of every planning district in the Commonwealth.
Among the key findings, the study confirmed:
“We typically think of state agencies almost solely as service providers as opposed to their capacity for creating jobs in the private sector,” said President & Chief Economist Christine Chmura. “We used some credible nationally recognized economic models to conduct our analysis and I can say that the Virginia Resource Authority is clearly one of the exceptions.” “As a long-time resident of the Shenandoah Valley, I’m particularly pleased about the study’s findings of VRA’s tremendous economic and employment impact in rural communities,” said William O’Brien, VRA Board Chair.
“This independent study has enabled us to connect the dots between VRA’s investments in local communities and their substantial economic and employment impacts across the Commonwealth,” said VRA Executive Director Sheryl Bailey. “This study confirms that VRA’s statewide infrastructure investments have boosted the productive and job capacity of Virginia’s regional economies.”
The economic impact of VRA loans can be grouped into two categories: one-time construction impacts when the dollars associated with VRA loans are injected into the economy during project construction, and sustained impacts after VRA-funded loan projects are complete. Once constructed, capital investments in community infrastructure such as water and sewer facilities have long-lasting, sustained economic benefits in attracting businesses and creating permanent jobs. Both impacts are key to economic vitality.
To view the study’s executive summary, please visit www.virginiaresources.org.
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