A key component of the Patrick-Murray Administration’s strategy for long-term economic growth is continued investment in the Commonwealth’s capital assets. Improving the safety and condition of our roads and bridges; building new classroom and academic buildings; restoring our public housing stock; and investing in clean and renewable energy sources improves economic opportunity in communities across Massachusetts and creates thousands of new jobs.
As Massachusetts begins to emerge from the worst global economic recession since the Great Depression, the Patrick-Murray Administration is delivering on its promise to reverse decades of neglect. In a targeted, fiscally responsible way, the Administration is making lasting improvements that will ensure we emerge from the economic downturn faster and stronger than before, while improving our infrastructure Commonwealth-wide.
In continued response to the need for bold action to stimulate job creation and to support long-term economic growth, the Patrick-Murray Administration is proud to release this five-year capital investment plan for fiscal years 2011-2015. This plan is built on the foundation of the Administration’s work with the Legislature over the past three and a half years to begin reinvesting in our state’s infrastructure in a fiscally responsible, targeted and transparent manner. Since the Patrick-Murray Administration took office, there have been eleven bond bills enacted into law, authorizing funding for the capital investments reflected in this five-year plan and, in some instances, for years beyond this plan. The capital investments authorized by the bond bills reflect Governor Patrick’s priorities, including investments in schools, infrastructure to support economic development, roads and bridges, affordable housing, parks and a clean environment. These capital investments have created thousands of jobs and ensure that Massachusetts will continue to be a great place to live, work, start a business and raise a family for years to come.
This capital investment plan continues to implement the vision and priorities established in each of the Administration’s first three capital plans. In large part, the investments included in this fiscal year 2011-2015 plan continue projects launched in prior years or commence projects anticipated by the prior years’ five-year plans.
There is strong evidence that the worst of the economic crisis is now behind us. Nevertheless, we still face economic challenges, and it is as important as ever that we prioritize our capital investments in a way that will maximize our ability to spur economic growth. Significant investments in higher education, transportation and housing continue to be high on the Patrick-Murray Administration’s list of priorities. And investments in the innovation economy – including expanded broadband, the life sciences and clean energy – will ensure that Massachusetts is ready to compete in the 21st Century.
This capital investment plan is fiscally responsible. Three years ago, the Administration developed and published a debt affordability analysis and policy to ensure that the annual borrowing needed to support the capital investment plan is set at affordable levels. This debt affordability analysis and policy was a first for the Commonwealth, and it was positively reviewed by the credit rating agencies. The Administration has updated and republished the debt affordability analysis with this capital investment plan, and the borrowing levels used to develop this plan were determined based on the debt affordability policy. Due to the stressed economic and fiscal condition of the Commonwealth over the last three years reflected in the debt affordability analysis and policy, planned borrowing to support this five-year capital investment plan has been reduced by over $1 billion since the original five-year capital plan published by the Administration three years ago.
This capital investment plan provides for the Commonwealth to invest significant resources in infrastructure and other public assets that are critical to our quality of life, the strength of our economy, and the efficient functioning of government at every level. Among other things, these investments will continue to attract private investment and support long-term economic growth that creates sustainable jobs for our citizens; build and maintain roads, bridges and rail we use for our daily commutes; improve public college facilities that educate our workforce and nurture our innovation economy; and create and preserve safe, affordable housing for the people of Massachusetts. Through the investments included in this plan, we will create thousands of jobs in the near term and we will create the environment needed to support job creation and economic growth over the long term.