Gateway Development Commission (GDC)’s Post

"GDC Secures $16 Billion Funding for Hudson Tunnel Project" Read the full article below..

The Hudson Tunnel Project is going to have an even bigger economic impact than originally projected!   According to a new Regional Plan Association (RPA) report released today, the three early works components of the HTP currently underway will yield 7,500 jobs and generate $625 million of labor income.   The means the project as a whole will generate almost $20 billion in economic activity and create approximately 95,000 jobs – 20,000 more jobs that originally projected.   Read the full report here: https://lnkd.in/eeHpGpYE

SHOW COMMITMENT: Ahead of the Autumn Statement on 22nd November, we've written to #Chancellor of the Exchequer Jeremy Hunt urging the Government to invest in Britain’s infrastructure rather than accepting a managed decline. Prompted by the decision to cancel Phase 2 of HS2, compounding already poor delivery of UK #infrastructure projects, we've explained how the mineral products sector relies on the UK being a competitive place to invest. Yet poor delivery of UK public infrastructure projects is significantly affecting investor confidence. Jon Prichard the MPA's Chief Executive, said: “We have great capability and we stand ready to deliver the essential materials required for the modern infrastructure, buildings and homes that Britain needs as part of a growing economy. We therefore urge the Chancellor to show commitment to investing in the infrastructure that underpins and supports growth, rather than accepting a managed decline.” With a turnover of £22 billion, the UK construction materials and industrial minerals sector represents the biggest flow of materials in the UK economy. Full story: https://lnkd.in/eKHShBqi #AutumnStatement #Budget2024 HM Treasury Infrastructure and Projects Authority (IPA) National Infrastructure Commission Infrastructure Client Group Infrastructure Investor Department for Levelling Up, Housing and Communities #essentialminerals #constructionmaterials #sustainablesolutions

The Federal Transportation Administration has agreed to provide the remaining $6.88 billion needed to fund the $16 billion Hudson Tunnel Project. This long-delayed and controversial infrastructure project could begin construction as early as this year, with work potentially starting in 2024. 𝗦𝗲𝘃𝗲𝗿𝗮𝗹 𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗵𝗮𝘃𝗲 𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁:- ⏺️ Engineering News-Record (ENR): Feds Agree to Fund Final Piece of $16B Hudson Tunnel Project (https://lnkd.in/ehKecZ79) ⏺️ Gateway Program: Gateway in the News (https://lnkd.in/eQvhvzbG) These sources provide additional information about the project, the funding agreement, and the potential impact on transportation infrastructure in the region. #BuildingGreatTeamsTogether

Reflecting on the demise of the HS2 northern leg, I’m puzzled as to why the disposal of acquired land has become a priority. Land assembly on this scale is a huge undertaking and having created the corridor surely this should be protected for the future. Whatever the justification for abandoning the project now, additional national strategic connectivity and capacity will be required at some point in the future. Surely retaining and protecting this strategic corridor for the long term would make sense for future generations and future investment decisions.

Federal support for these rail projects is a wise investment in our future! It's inspiring to see the government investing in transportation infrastructure to ensure our country stays competitive. #RailProjects #InvestingInTheFuture

Regional officials have successfully secured a $6.8 billion federal funding agreement to advance the long-delayed Hudson Tunnel project, a critical $16.1-billion infrastructure overhaul linking New York and New Jersey. This project aims to rehabilitate a deteriorating, century-old rail tunnel and construct a new one, crucial for the Northeast Corridor, Amtrak's busiest route with over 2,200 daily trains. The federal funding agreement, marking a significant milestone, ensures the project proceeds regardless of potential changes in the Oval Office following the upcoming presidential election. The Gateway Development Commission, responsible for the project, will commence major construction this month, targeting completion by 2035. At a news conference, Kris Kolluri, CEO of the Gateway Development Commission, heralded the agreement as the "point of no return" for the project. Senate Majority Leader Chuck Schumer emphasized the project's reality, likening the effort to a marathon. The Hudson Tunnel project is vital not only for regional connectivity but also for the broader U.S. economy. The existing tunnel, compromised by Superstorm Sandy in 2012, will be replaced, and a new underwater tunnel will be constructed. The project's cost has escalated to $16.1 billion, 14% higher than previous estimates from 2021. With 70% of the project's funding covered by federal grants, contributions also come from New York, New Jersey, Amtrak, and the Port Authority of New York and New Jersey. The Hudson Tunnel project is a crucial infrastructure initiative essential for the resilience and efficiency of the Northeast Corridor, a critical artery for passenger and freight rail traffic in the United States. The successful funding agreement underscores the importance of federal and regional collaboration in addressing infrastructure challenges and securing economic stability and growth. The project's advancement signifies a major step forward in modernizing America's transportation infrastructure. #HudsonTunnel #Infrastructure #Amtrak #NortheastCorridor #FederalFunding #GatewayProject #NYNJ #Transportation #EconomicGrowth #SuperstormSandy #RailInfrastructure https://lnkd.in/ehkMA2_y

The Federal Transportation Administration has agreed to provide the remaining $6.88 billion needed to fund the $16 billion Hudson Tunnel Project. This long-delayed and controversial infrastructure project could begin construction as early as this year, with work potentially starting in 2024. 𝗦𝗲𝘃𝗲𝗿𝗮𝗹 𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗵𝗮𝘃𝗲 𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁:- ⏺️ Engineering News-Record (ENR): Feds Agree to Fund Final Piece of $16B Hudson Tunnel Project (https://lnkd.in/ehKecZ79) ⏺️ Gateway Program: Gateway in the News (https://lnkd.in/eQvhvzbG) These sources provide additional information about the project, the funding agreement, and the potential impact on transportation infrastructure in the region. #BuildingGreatTeamsTogether

The public-private partnership (P3) model remains strong for Alberta infrastructure. Read our latest Insight to learn more. #BLGPublication #CapitalMarkets

We're now in the final stretch of the #Infrastructure Investment Program Strategic Review, which was set in motion by the Federal Government at the beginning of May. The intention of the review is to undertake a "reset" in capital expenditure and rationalise the 10-year infrastructure pipeline. All very commendable. And it was supposed to take 90-days. By my reckoning, we're now into extra-time. Many commentators have expressed concerns over the review, with the Australian Constructors Association (ACA) stating that it had the "potential to cause significant cancellations and deferrals". And here we are. In extra-time and no further clarity in sight. Which only serves to build further uncertainty in the market - and in particular in #newsouthwales and #victoria. If 2022 was the biggest party that the #constructionindustry could have had, then 2023 has been the biggest anti-climax of all time. Based on our projections over the next few years, we are on the cusp of a major construction boom in across Australia over the next few years. BUT....the longer this infrastructure review tarries, the more uncertainty will start to creep into the market. Which will undermine confidence and may result in people leaving the industry - and we cannot afford to lose anyone right now. The longer this uncertainty goes on, the more likely that 2024 will see an extension of the construction dip we have experienced this year. Fingers crossed for a swift resolution. And thank you to Paddy Delany for his post this morning that provided the inspiration!