The economic impact of the future Interstate 422 for our area will be dramatic. So much so that at the recent Birmingham Business Alliance breakfast on the topic showed high attendance by key mayors, senators, chamber leaders and business owners.

Sponsored also by the Coalition for Regional Transportation and hosting to guest speakers Sen. Richard Shelby and Congressman Spencer Bachus, we were brought up to speed on the historical drivers of this project and the efforts needed to bring it to fruition.

This 52.5 mile interstate highway will begin at I20/59 in southwest Jefferson County and extend northeast to connecting to I59. The projected economic impact during construction is over $7 billion to Alabama.  

According to Dr. Samuel Addy of the Center for Business and Economic Research with the University of Alabama, the cost of construction of $3.044 billion is funded in part by the federal government in a “use it or lose it” fashion, with 20 percent funded by Alabama.

Post construction impact will be over $2 billion annually. These return on investment numbers read pretty well to most. In addition, this project is projected to create 70,000 new jobs with half of them in the Birmingham and Jefferson County area.

An additional 20,000 new post-construction jobs per year are projected to be created in Alabama and the Birmingham metropolitan area as a direct result of the Beltline. The population is also expected to grow nearly 19 percent from this as well with a 22-percent increase in new businesses in the six-mile corridor adjacent to the Beltline.  

Can you hear me now?  Wow, what a lot of information. Also, the state and local governments will receive $155 million in new tax revenues during the construction phase with $54 million annually in new tax revenue to local governments after construction completion.

There are several measurable “soft” endpoints too with projected improvement in safety, travel time, air quality and traffic flow.  Many will benefit to include minority and low income families in the metropolitan area from the beltline due to improvements and access to essential services and job opportunities.  

I422 and the enhanced business travel from Memphis and Nashville will have high regional significance, but just think about the I22 branch and what it specifically will mean for our area.  

According to our own Sharon Parker, manager with Stafford Hospitality, this is great news for their hotel chains. Planning for hotels on the I22 is a strategic part of their corporate vision, and the more that you know, perhaps the more it will become part of the vision for your organization. The I422 has a 21-year projected construction time and a nine-year payback, while the I22 is projected to finish in the fall of 2014. That is just a blink away.  

According to Sen. Shelby and Congressman Bachus, we are poised for strong regional growth, and as has been written here before, now is the time to pull together for our north Jefferson Area. Shelby and Bachus are both recipients of the Spirit of Enterprise Award presented by the U.S. Chamber of Commerce for commitment to business, and the message from both of these leaders was the need for business to have high awareness of this developing economic impact and to seek partnership opportunities for regional growth.

I would also challenge you keep these thoughts in the front of your mind as we move into the next voting cycle. Choose leaders that are pro-business, pro-workforce development, and working for you.  

Renee Carter, executive director of the Coalition for Regional Transportation, has also served previously with the U.S. Chamber of Commerce. She directed the audience to www.bba.com for the full economic impact study.  

Take the time this week to think strategically about the pending changes for our area, and remember, take care of your customers, or someone else will.  

You can find additional readings on my blog at http://businessadvise4u.blogspot.com. Teresa works for Sanofi-Aventis Pharmaceuticals and supports the Fultondale Chamber of Commerce.