Report Explores Options to Modernize NC’s Transportation Revenue Formula
RALEIGH, N.C. – Today, at the NC Chamber’s virtual Transportation and Infrastructure Summit, the NC Chamber Foundation unveiled a new report, Modernizing North Carolina’s Infrastructure Through Sustainable and Diversified Revenue Streams, which outlines potential pathways for securing a more sustainable stream of transportation revenue for North Carolina.
“A well-funded transportation network is vital to our success as a state, especially as we work to rebound from the impacts of COVID-19,” said NC Chamber Foundation President Kelly Fuller. “To achieve that here in North Carolina, we need a modernized funding formula that is designed to grow investments in our network at the pace of our fast-growing population. This report gives us a roadmap our leaders can use to examine the routes we might take to get there.”
The new report, conducted on the Foundation’s behalf by the Institute for Transportation Research (ITRE) at N.C. State University, identifies four of the most viable options to reduce our state’s reliance on the motor fuels tax and charts a potential course for their implementation. To demonstrate the multiplying effects transportation investments can impart on local economies, the report also provides economic impact snapshots for several transportation projects that have been completed across the state in recent years.
Supporting a world-class transportation network has long been a priority for the NC Chamber and NC Chamber Foundation. With the NC FIRST Commission currently working to provide transportation solutions for our state, and with North Carolina at a critical juncture in securing our economic future, the Foundation’s report will inform how the Chamber advocates and builds support around a modernized approach to transportation funding in the years ahead.
Review the full report here.
About the North Carolina Chamber Foundation:
The North Carolina Chamber Foundation works to promote the social welfare of North Carolina and its citizens by identifying, studying, researching and analyzing, in a nonpartisan manner, the factors that enhance the business climate, workforce development and quality of life of the state. This includes prospects for the creation and retention of jobs and educating the business community and general public by disseminating the knowledge gained as a result. North Carolina Vision 2030 – A Plan for Accelerating Job Growth and Securing North Carolina’s Future is coordinated by the North Carolina Chamber Foundation. The forward-thinking, initiative-driven plan provides focused economic development strategies around its four Pillars of a Secure Future, which include Education and Talent Supply, Competitive Business Climate, Entrepreneurship and Innovation, and Infrastructure and Growth Leadership. For more information, visit www.ncchamber.net/foundation.