RALEIGH, NC (WECT) - Governor Pat McCrory signed into law the Strategic Mobility Formula, House Bill 817 Thursday.
According to a news release, this bill will give the North Carolina Department of Transportation a new, more efficient way of funding infrastructure investments that will better connect citizens to opportunities, increase jobs, and enhance economic development.
"Everything we do is focused on strengthening our economy and making government operate more efficiently. This landmark legislation helps us do both," said Governor McCrory. "A tremendous amount of work has gone into this initiative, and I thank everyone from the statewide to the local level who has been involved with making it a reality. It is critical in changing the way we invest in transportation and do business in North Carolina. We will continue to work collaboratively as we move forward with implementing this new mobility formula and create more opportunities for communities throughout our state."
NCDOT will work closely with the North Carolina Department of Commerce, local municipalities and metro and regional planning organizations to identify projects that spur economic growth throughout the state through a new data-driven process, according to the news release.
NCDOT's current 10-year plan includes 175 projects and creates 174,000 jobs. The new formula will fund at least 260 projects and create more than 240,000 jobs over the next 10 years.
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