Plan 2045 & 2050 Financial Element

Location

Northern New Jersey

Client

North Jersey Transportation Planning Authority

Project Lead

Urbanomics

Services

Economics
Finance
Forecasting/Modeling

NJTPA

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For the North Jersey Transportation Planning Authority, Urbanomics has contributed to the Financial Element of both the 2045 and 2050 (ongoing) Regional Transportation Plans for Northern New Jersey in multi-disciplinary consulting teams along with AECOM and WSP Global. For the 2045 Plan, our role entailed the research and review of factors for projecting anticipated transportation expenditures and revenues with respect to FAST Act requirements and funding programs, NJTPA's prior Plan 2040 financial element, state and national trends and issues, anticipated growth of the New Jersey economy, inflation rates, and the elasticity or inelasticity of demand for energy. In response to this task and as a foundation for subsequent scenario development and analysis, Urbanomics prepared an extensive report of research findings that are deemed most relevant to New Jersey projections of anticipated transportation revenues and expenditures.

Urbanomics also prepared a report outlining several tax enhancements that could be used to raise revenues tied to transportation services in Northern New Jersey including initial calculations for potential revenue sources presented by the NJTPA including: Vehicle Registration Fees, Express Tolls, VMT Taxes, Advertising/ Sponsorship Opportunities, Taxes on Demand-Based Services, Package Delivery Taxes, and Business Taxes.

In the 2050 Plan, Urbanomics is preparing forecasts of general and transportation inflation rates as well as economic growth rates over the period from 2020 to 2050 to be used for modeling future year transportation infrastructure costs to be incorporated into plans for financing future transportation projects.