A new report from Chmura Economics indicates the proposed Route 460 Corridor Improvement Project will have an annual economic impact of $7.3 billion by 2020 by supporting 14,120 jobs in the corridor.

The report predicts a higher economic impact due to the jobs projected in surrounding areas, while the project itself is budgeted at $1.6 billion. It may also relieve congestion in the I-64 corridor by providing an alternative route.

"The Port of Virginia is one of the Commonwealth's greatest economic assets," said Governor Bob McDonnell. "Over the coming years, the port is expecting to undergo tremendous growth, but it cannot achieve this growth without the infrastructure and support systems necessary for a thriving port."

The governor noted that the project will reduce travel times, support job creation and encourage economic development in areas of the state that have suffered during the national economic recession. Reducing traffic congestion may have a beneficial impact on area auto insurance rates and accident risks, in addition to the convenience. On the other hand, development and activity may increase in the port and areas surrounding the new route.