This $53.5-billion market is right under our noses
A national survey released by the Canadian Urban Transit Association cites existing funding streams over a four-year period.
TORONTO—The total value of transit infrastructure plans from 2012-2016 amounts to $53.5 billion, according to a national survey released by the Canadian Urban Transit Association (CUTA).
Counting money earmarked from all levels of government, existing funding streams could reach $40 billion. The remaining $13.5 billion will have to come from new or additional sources.
“Over the last decade, the federal government has given high priority to improving transit infrastructure and services. Investment has grown substantially, now averaging $1 billion per year,” says CUTA President and CEO Michael Roschlau.
The survey also shows that 75 per cent of transit infrastructure needs will be met by existing programs over the next four years, up from 67 per cent for 2010-2014.
“Despite financial challenges, public transit ridership rose nearly five per cent in the first half of 2011. This increase is a barometer that a more positive economic climate is emerging, and the industry needs to be ready for the demand that will occur,” says CUTA Chair John King.
“Continued investment is required if transit systems are to address the infrastructure needs and improvements across Canada. They will help increase mobility and the economic competitiveness of our country,” concluded Roschlau.