Location, location, location – the phrase is paramount in real estate AND in economic development.
The state of Missouri is in a great geographic position with its location in the center of the United States. This should be a huge advantage in economic development. We are rich in many transportation resources including rivers, rail, highways, airports, and river ports. However, our transportation infrastructure is struggling.
Within 500 miles of the state of Missouri is 43% of the U.S. population, 41% of buying power, and 44% of both wholesale trade and manufacturing plants. However, our infrastructure is deteriorating and, in many places, unsafe. We have the seventh largest transportation system but we are only 46th in revenue per mile. We have the fourth lowest gas and diesel taxes in the nation and they haven’t been raised in decades.
But in November, we have a chance to change all that. Missouri voters will be asked to approve a 2.5% gas tax increase for four consecutive years resulting in approximately $410 million each year for transportation in Missouri. Of that, $288 million would go to fund the Missouri Highway patrol and $122 million would go directly toward local transportation projects. The Highway Patrol funding frees up more of the State Road Fund for much needed statewide projects.
This is a responsible way to finally address our need for additional transportation funding. Please remember to vote in November.