The expansion of Interstate 70 to six lanes total across Missouri will have a positive long-term impact on the state’s economy – so says an economics professor at the University of Central Missouri. Chris Azevedo told Missourinet that the added safety of a third lane in each direction will drive economic activity.
“The project itself will account for some economic activity, but I think it will also make the I-70 corridor a more desirable location for business activity in the future,” he said.
Azevedo also said more trucking companies may choose to use I-70 in Missouri once the third lane of traffic is open for use.
“The highway improvements reduced travel costs and shipping costs, and so it’s going to be a more desirable route to ship for businesses in Missouri as well as businesses that need to move products across Missouri,” Azevedo said.
And it could also attract more shipping businesses to move to Missouri, along with manufacturing businesses setting up shop along the I-70 corridor itself. But he also said the expansion work itself means traffic delays that could cause some companies to reroute their semi-trucks through other states until the work is finished.
“There’s probably gonna be some short-term pain, but you know, you kind of look at that in the same way that you look at a home mortgage,” Azevedo said. “You have to pay that mortgage and that can be painful in the short run, but you get to look forward to some long run gains in the future.”
Azevedo also said it’s possible that the expansion of I-70 could eventually generate enough revenue to cover the $2.8 billion price tag.
“If you look at projects, similar projects that have been done in other states, you could probably expect somewhere 10% to 15% return annually on that,” he said. “So, I think if it were 10%, that would be about $280 million of economic benefit annually.”
Missouri invested $2.8 billion in state dollars in 2023 to pay for adding a third lane to the highway between Blue Springs and Wentzville. Azevedo also said the potential economic impact of expanding I-70 includes more jobs being created and more tourists visiting the state.
Morgan Mundell, with Missourians For Transportation Investment, told Missourinet I-70 is an economic lifeline for the state.
“Roughly 67% of Missourians, over 4 million residents, live within a 50-mile corridor by I-70. Then if you look at the 250 miles of I-70 that’s in Missouri, that means Missouri’s portion of I-70 represents $6 billion worth of trade activity annually. That is not something that we can lose to another state,” said Mundell.
The project is expected to take about 7-10 years to complete and bring in hundreds of road construction worker jobs.
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