Transportation Sales Tax Programs See 155.4% ROI
May 29, 2014
CHARLESTON, SC – The transportation sales tax programs in Charleston, Berkeley and Dorchester Counties have resulted in a 155.4% return on investment according to a study released by the Charleston Metro Chamber of Commerce’s Infrastructure Visioning Task Force in late 2013. The study examined the return on investment to local voters as a result of the transportation sales tax in each of the region’s three counties.
In all three counties, the programs have carefully managed funds to maximize the amount of matching dollars that could be obtained – whether state or federal. As of November, 2013, more than $831.2 million federal and state dollars had been committed as a result of $535 million generated by the local sales tax programs. In essence, tri-county tax payers are seeing a 155.4% return on their investment.
“Providing adequate infrastructure and preparing for the inevitable population growth in our region are critical to our future economic success,” said Robby Robbins, chairman of the Chamber’s Infrastructure Visioning Task Force. “The local transportation sales tax programs are essential as we work to position our region for the future.”
In all three counties, the educational efforts to ask voters to support the local sales taxes promised that if passed, the counties could leverage the local dollars to attract federal and state funding and be able to complete more projects than by just relying on federal and state funding. “Our analysis shows that is exactly what has happened,” said Robbins. “The local investment was a good decision by voters in all three counties.”
The Chamber formed the Infrastructure Visioning Task Force in the fall of 2011 to develop an infrastructure priorities platform for the Chamber’s Business Advocacy efforts. In addition to prioritizing the short and long-term infrastructure needs of the Charleston region, the Task Force studied the progress of the transportation sales tax programs in the tri-county area.
About the Chamber: With more than 1,700 member organizations representing 100,000 professionals, the Charleston Metro Chamber of Commerce serves as the collective voice of the business community and a catalyst for advancing the region’s economy and enhancing members’ success through Advocacy, Innovation, Talent and Business Advancement. Visit charlestonchamber.net.
