The Georgia Department of Transportation (GDOT) is preparing to release $1.5 billion in new funding to improve the state’s transportation infrastructure. The Georgia General Assembly approved the funds in the Amended Fiscal Year 2024 budget. The state will use surplus money for the projects.
Last week, Gov. Brian Kemp released details of the transportation spending plan. It includes funding for road repairs, bridge upgrades, and launching a new freight program.
“Over the last few years, we’ve welcomed unprecedented job creation to all regions of the Peach State, and this funding will ensure our already reliable infrastructure network can meet the needs of that incredible growth,” said Governor Brian Kemp.
Transportation officials said the funding will allow the agency to move 42 projects forward and improve safety and efficiency for years to come.
State Transportation Board Chair Robert Brown called it a “monumental investment” in state transportation infrastructure. He added, “We are now equipped to execute on this group of projects that will provide new safety and economic benefits for Georgians across the state.”
How the money will be spent
First announced during the 2024 legislative session, this investment will more than double the state’s funding to cities and counties for local transportation infrastructure. In addition, the plan calls for increased funding for general aviation airports, resurfacing more state highways, and accelerating the completion of key transportation projects already underway.
Officials also intend to use the investment to kickstart new strategic projects to prepare for Georgia’s future.
“As Georgia continues to add new industries and businesses, and an influx of people that now call Georgia home, the state’s approach to transportation must strive to meet the evolving needs both today and in the future,” said GDOT Commissioner Russell McMurry.
To that end, here’s how the $1.5 billion will be spent:
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- Local Roads Funding ($250 million) – more than doubling state funding for every city and county for local transportation investments;
- Capital Construction ($593 million) – increasing GDOT’s capital construction program by 58% to help manage cost increases due to inflation and expediting projects in GDOT’s existing pipeline of projects. Funding will help accelerate 24 projects by a total of 43 years, DOT says;
- Capital Maintenance ($50 million) – increasing GDOT’s capital maintenance budget by 32% to resurface state highways around the state;
- Airport Aid ($98 million) – advancing improvements at various general aviation airports;
- Freight Program ($500 million) -funding a new program that includes 18 projects devoted to freight-carrying infrastructure to improve efficiency, safety, and reliability for the transportation of goods across Georgia.
Oklahoma state, local and tribal leaders celebrated the progress of the Global Transportation & Industrial Park of Oklahoma and thanked state and federal officials for securing $50 million to fund vital infrastructure investment.
The $124-million development project, announced in 2021, is strategically located at the Ardmore Industrial Airpark, equidistant between the thriving metropolitan areas of Dallas/Fort Worth and Oklahoma City. The project’s unique selling point is its ability to create an international, cutting-edge multimodal logistics complex with uncongested air, rail and truck flow.
With more than 200 acres of shovel-ready development sites, the complex is designed to cater to the specific needs of companies. It will offer a comprehensive range of transportation options, including air, rail and truck, and provide ample space for trans-loading, warehousing, distribution and manufacturing operations.
![Oklahoma](https://ukpropertyguides.com/wp-content/uploads/2024/06/In-Oklahoma-A-50M-Industrial-Park-Investment-Takes-Shape.jpg)
![Oklahoma](https://ukpropertyguides.com/wp-content/uploads/2024/06/In-Oklahoma-A-50M-Industrial-Park-Investment-Takes-Shape.jpg)
Under a public-private leasing agreement between property owner Ardmore Development Authority and WP Global Holdings, LLC., a partnership between Chickasaw Nation, Watco and Knightsbridge Partners, WP Global will oversee a multiphase, multi-year park development plan. As development progresses, it will spur jobs and drive economic growth in southern Oklahoma as transportation, manufacturing, distribution and industrial companies seek alternative ways to move goods and services more efficiently to markets throughout the United States and overseas.
“We are pleased to work with the State of Oklahoma, the federal government, the City of Ardmore, Carter County, the Ardmore Development Authority and our development partners on this transformative economic development project,” Chickasaw Nation Governor Bill Anoatubby said. “This ambitious project creating a one-of-a-kind Global Transportation and Industrial Park in south-central Oklahoma is a testament to what we can achieve when we combine our strengths and align our priorities. We anticipate that this project will usher in a new era of growth and prosperity in our region, and we eagerly anticipate the opportunities it will create for Oklahoma and the Chickasaw Nation.”
Governor Anoatubby expressed gratitude for the work done by Oklahoma Congressman Tom Cole, Oklahoma U.S. Senator James Lankford, and state leaders, including Oklahoma Speaker of the House Charles McCall, State Senators Greg McCortney and Jerry Alvord and State Representative Tammy Townley, in effectively securing funds for infrastructure.
In the heart of the Chickasaw Nation along the busy Interstate 35 north-south commerce corridor, GTIP connects many of North America’s largest business centers. The site also features direct rail access to a BNSF Railway main line, a fully functional airport with 9,000-ft. and 5,400-ft. runways, quick access to five major highways and uncongested air and ground traffic flow. As an approved U.S. Foreign Trade Zone, GTIP can accommodate global commerce. Recent electrical, telecommunications, water, sewer and natural gas improvements position the park for immediate development.
“Thanks to the fine work of our state and federal elected officials to secure $50 million for this enormous project, work has commenced on our vision to develop a Global Transportation and Industrial Park at the Ardmore Airpark,” Ardmore Mayor Nancy Sjulin said. “This significant project marks a pivotal moment for Ardmore, bringing new economic growth to our community. The massive rail, runway, and roadway improvements mean we can accommodate global commerce, promoting an attractive option for moving goods and services. As we progress, I am deeply grateful for the unwavering support and dedication of the Ardmore Development Authority, WP Global, state and federal leaders, Governor Anoatubby and the Chickasaw Nation. I am confident we will succeed together.”
Check out all the latest news related to Oklahoma economic development, corporate relocation, corporate expansion and site selection.
Walter Soriano Discusses Implications of UK General Election on Property Market, Offering Strategic Insights for American Investors
LOS ANGELES, CA / ACCESSWIRE / June 21, 2024 / Walter Soriano, CEO of WSLM, a premier property specialist firm in high-value property renovation and management, highlights the potential impacts of the upcoming UK general election on the property market, providing critical insights for American investors. With the election scheduled for July 4, 2024, the UK property market is at a pivotal juncture.
Economic and Political Context
Prime Minister Rishi Sunak’s call for an early general election has introduced a new layer of uncertainty into the UK property market. Historically, elections have a significant impact on investor confidence and property prices. This election is particularly crucial given the current economic climate and political landscape.
“Political stability is key to a robust property market,” says Walter Soriano. “The election results could either enhance or undermine investor confidence, depending on the policies and stability offered by the new government.”
Key Factors Influencing the Property Sector
Economic Policies and Stability: Sunak has emphasized his administration’s success in reducing inflation and promoting economic growth. A Conservative victory might provide continuity and reassure investors. Conversely, Labour’s lead in the polls suggests possible changes in economic policies, presenting both challenges and opportunities for investors.
Regulatory Changes: Election outcomes could bring about significant regulatory changes affecting property taxes, development regulations, and foreign investment policies. American investors should be prepared for potential legislative shifts that may impact property valuations and rental yields.
Market Sentiment: Current polling indicates a significant lead for the Labour Party, which has committed to addressing public services, housing, and economic stability. A Labour victory could lead to increased government intervention in the housing market, affecting property prices and availability.
Implications for American Investors
Walter Soriano advises American property investors to stay informed and adopt the following strategies in light of the upcoming election:
- Leverage Currency Advantage: With the British pound at a comparative low against the US dollar, American investors can maximize their buying power in the UK property market.
- Monitor Policy Announcements: Keeping abreast of policy announcements from both major parties will help investors anticipate and respond to potential regulatory changes.
- Focus on High-Quality Assets: Investing in high-quality, well-located properties can provide more resilience against market volatility.
About Walter Soriano London Management
WSLM is a London-based firm specializing in the renovation and management of high-value properties. With extensive experience in the property market, the firm offers bespoke services tailored to the needs of discerning investors and property owners. Walter Soriano, a recognized property expert, has a proven track record of guiding clients through complex market conditions and identifying lucrative investment opportunities.
For further information, please contact Walter Soriano at [email protected] or +44 (0)20 4577 4123. Visit our website at https://www.wslm.co.uk | https://waltersoriano.com.
Contact:
Walter Soriano
WSLM
Email: [email protected]
Phone: +44 (0)20 4577 4123
SOURCE: Walter Soriano London Management (WSLM)
View the original press release on accesswire.com