Talk about a theoretical exercise! The Roanoke Times reports:
Plans for Interstate 73 cleared a major hurdle this week when a group of localities, government agencies and an advocacy group agreed to its general path from Roanoke to North Carolina. The controversial road project has been under discussion for 16 years already, and Thursday no one could predict how much longer it will take before construction money can be found and builders can begin work.
In 2001, the Virginia Department of Transportation estimated the cost at $1.3 billion, but that estimate is way outdated. While the federal government would pay for most of the project, Virginia apparently has to pony up only 20 percent of the cost. Just add it to the stack of wished-for projects that would be economically justified only when someone else pays for it.
In theory, an Interstate would boost the economies of Martinsville and Roanoke. But I’d like answers to a couple of questions. (1) What’s the economic Return on Investment analysis? (2) Could the funds generate a higher return on investment if spent in some other way? When all the boosters like up in favor of a big highway project, no one ever seems to ask those questions.