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Antioquia’s ‘Prosperity Highways’ Will Boost Economy, Jobs, Transport: Study

Published in general news Written by  October 21 2015 font size decrease font size increase font size 0
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A new study by the University of Antioquia and University Pontificia Bolivariana (UPB) finds that Antioquia’s COP$12 trillion (US$4 billion) “Prosperity Highways” to be built over the next five years will have a huge impact on economic growth, jobs and freight transport logistics.

Antioquia’s gross domestic product (“PIB” in Spanish initials) will double within 14 years – about half the time required for normal “PIB” growth, according to the study. As a result, Antioquia’s annual “PIB” will grow at a 6% rate, up from an average 4.5% in recent years – and almost twice the PIB growth projected for Colombia as a whole in 2015.

Meanwhile, the 35 smaller municipalities (not including Medellin) in the areas-of-influence of the new “fourth generation” (4G) highways will see their annual tax revenues jump by COP607 billion (US$205 million), three times what they collected in 2014, according to the study.

During the highway-construction phase, Antioquia’s unemployment rate will plummet to 5% -- down from 10.6% today, with 190,000 new jobs created, according to the study.

Travel times between major cities in Colombia will be slashed by up-to-43%. Trips between the port of Turbo (in Antioquia) and Buenaventura (Colombia’s principal Pacific port) will drop to 10.8 hours, from 19 hours currently.

Similarly, travel times between Medellin and Cartagena will fall to 9.5 hours, from 14 hours currently, the study shows.

The new highway network also would boost Antioquia’s national economic standing, as it will enable a big boost in export-import freight transport.

For example: Agricultural exports from Antioquia jumped 9.15% last year, led by bananas, flowers and coffee, according to the study.

The study notes that Antioquia is already the biggest single exporter in all Colombia (19.8% share), versus 14.9% share for Cesar, 11.8% for Bogota, 9.1% for La Guajira, 8.5% for Valle de Cauca, 6.3% for Bolivar, 6.0% for Cundinamarca, 5.2% for Atlantico and 2.9% for Caldas.

Read 6252 times Last modified on Last modified on October 21 2015

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Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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