A major investment bank, Macquarie Group Ltd. based in Australia, is leading the field in investment and development for major toll roads. With stakes in projects in Virginia, Illinois, Toronto, Sydney, Lisbon and elsewhere, subsidiaries Macquarie Atlas Roads (MQA) and Intoll have found the right formula to assist local governments in their need to develop toll roads while establishing excellent long-term profit potential for the bank. Macquarie Group establishes special investment funds to provide needed capital. It then contracts to invest in these projects, using money from the funds, and earns investment fees and management fees in the process.
In America, the need for long-term development of highways is so great that state governments are eager to secure private help in paying for them. In Texas, multiple new toll roads are now in operation. For example, the President George Bush Turnpike is a 30.5 mile, six-lane limited access expressway serving the greater Dallas area, making access to the massive DFW Airport easier for millions of area residents. The results from this trend are mixed, as there is sometimes consumer resistance to paying relatively high tolls for highway use. The SH 130 Concession Co., the private owner-operator of a major toll highway near Austin, Texas, filed for bankruptcy in in 2016 due to disappointing toll revenues.
In December 2015, both houses of the U.S. Congress passed a $305 billion bill to repair and expand highways, bridges and transit. The bill increases highway spending by 15% in its final year. Appropriations, if approved, would provide $12 billion for mass transit, $10 billion for Amtrak and $1 billion for National Highway Traffic Safety Administration (NHTSA) programs.
High gasoline prices, high unemployment and a general interest in cutting costs by businesses and consumers alike combined to reduce the number of miles traveled on the road in America through 2012. According to the U.S. Bureau of Transportation Statistics, 2.96 trillion miles were logged in 2011 and 2.94 trillion in 2012. Miles traveled in 2013 rose to 2.97 trillion. Due to the significant drop in gasoline prices beginning in the fourth quarter of 2014, miles traveled rose significantly 2014 and 2015.
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