I-95 Bridges Restoration
- The project will enhance the safety and life span of 11 Richmond bridges and overpasses along the Interstate 95 corridor.
- Restoration of the bridges will extend the life span of the bridges for at least 50 years. In that timeframe, the cumulative total cost savings for the Virginia Department of Transportation could reach more than $9.9 million.
- The project is expected to directly generate 669 new jobs during the construction project and 456 jobs in the Richmond region as an economic ripple effect. In the first year, the total number of jobs created will be 131, in the second year 256, the third year 250, the fourth year 245, and 240 in the final year of construction.
- Area restaurants and local businesses will benefit as construction workers and engineers spend their income at local establishments. The one-time economic impact could reach approximately $166 million.
- The project is expected to bring Virginia state government $2.3 million in tax revenue during construction and $200,000 in fiscal benefits for local governments from 2010 to 2014.
* All numerical estimates and background rationale can be referenced in the “Economic Impact of I-95 Bridge Rehabilitation on the City of Richmond and Henrico County” prepared by Chmura Economics & Analytics.