Mayor Newsom Spurs Job Creation with Announcement of $28 Billion in Capital Investments for San Francisco Over the Next Decade

03/03/09 - Mayor Newsom today announced the release of the City and County of San Francisco’s Proposed Capital Plan for Fiscal Year 2010-2019 to spur local job growth by recommending $17.5 billion in capital investments. Together with $10.5 billion in investments of other local agencies, San Francisco plans to invest $28 billion over the next ten years to improve its infrastructure and create at least 200,000 new construction-related jobs in San Francisco, and more than 430,000 jobs nationwide.

"Despite the challenges of the current global recession, we must continue to think strategically and invest in the people, infrastructure and businesses that will pull our economy out of this decline," said Mayor Newsom. "San Francisco has a sound 10-year plan to create high-paying jobs, rebuild its streets, parks, libraries and infrastructure, and build new residential and economic centers that will sustain and transform our vibrant city."

These improvements rebuild and repair the city streets, its transportation system, parks, libraries, emergency response network, and water system, among other projects that invest in San Francisco’s future. The plan also includes $10.5 billion for major economic development and transportation projects including the Transbay Terminal, Doyle Drive, Bayview Hunters Point projects and redevelopment projects at Treasure and Yerba Buena Islands.

For the first time, the proposed 10-year capital plan includes expected San Francisco job creation for the capital project. At a minimum, 200,000 new jobs will be created through these projects in San Francisco with additional jobs created around the Bay Area.

This plan continues the public effort created in 2005 by Mayor Newsom and the Board of Supervisors, city leaders and concerned citizens to annually develop and adopt a ten-year capital expenditure plan for city-owned facilities and infrastructure.