California Infrastructure Investment to Result in Thousands of New Jobs

The developer of the 244-acre Sacramento Railyards project announced today that approximately 3,000 new jobs will be created in 2009 as a direct result of voter passage of Proposition 1C, the $2.8 billion Housing and Infrastructure Bond and Proposition1B, the $19.9 billion Transportation Bond as well as other local and federal infrastructure funds.

The announcement comes as the Obama administration considers a federal economic recovery plan with a national infrastructure investment component and the Sacramento region copes with an unemployment rate of 7.9% and one of the worst mortgage foreclosure rates in the nation.

To date, The Railyards has been the recipient of millions in Proposition 1C and 1B bond awards to build bridges, roads, overpasses, bikepaths and underground utilities at the historic location which is the largest urban infill site in the country.

According to Suheil Totah, vice president of development for Thomas Enterprises, surveyors, engineers, planners and architects are already at work and construction teams will be visible on the urban infill site within the coming months. “These jobs demonstrate that investing in infrastructure is an important and necessary step for our economic recovery,” said Totah. “We’re grateful for Governor Schwarzenegger’s leadership as an advocate for infrastructure investment to support continuing economic development,” he added.

“Governor Schwarzenegger has been leading the call on the federal government to increase infrastructure funding to not only help keep our state and nation competitive, but to help stimulate the economy and create jobs,” said Business, Transportation and Housing Agency Secretary Dale E. Bonner. “The Railyards project demonstrates just how infrastructure investments translate into jobs.”

Two independent economic impact studies commissioned by the City of Sacramento by Economic and Planning Systems (EPS), project The Railyards will create 19,000 permanent jobs over 20 years, and an additional 2,800 construction jobs annually over the life of the project. The redevelopment will have an ongoing annual positive economic impact of $2.7 billion and an overall regional impact of $33 billion over a 20 year period.

“The Railyards will be the region’s economic engine for the next decade and these new jobs will help stem the rising tide of unemployment,” added newly-elected Sacramento Mayor Kevin Johnson. “It’s important to invest in infrastructure to create jobs especially at a time when our economy is in turmoil.”

As a large, multi-phased, brownfield infill project within walking distance from the State Capitol, The Railyards development will complement, integrate and connect to the existing downtown. The Railyards will create a vibrant new neighborhood of mixed-use, high density housing in the heart of Sacramento, with entertainment and retail venues, a transportation hub, offices, a public market, open space and cultural offerings in a setting that celebrates the connection to Sacramento’s historic past. The development will be anchored by a new state-of-the-art intermodal transportation facility to be built by the City of Sacramento.
Visit http://www.sacramentorailyards.com for more information.