Jacobs (NYSE:J) noted its shares lost some ground at the open Wednesday, on news the company was selected to provide program management services for Broward County Transportation Department's first-ever public transit expansion. The 30-year, $4.4 billion program will transform the county's transportation infrastructure into a multimodal transit system with a new light rail route connecting Fort Lauderdale-Hollywood International Airport to Port Everglades in Florida, U.S.
Leveraging experience from similar complex infrastructure programs, Jacobs will manage all program services under its five-year, $17.5 million contract with the county, from developing design criteria for the initial rail transit project to identifying ways to optimize system maintenance and operations. In addition to light rail, the program includes bus rapid transit and commuter rail as well as transit-oriented development and affordable housing. In 2018, county residents approved a one-percent transportation surtax to fund the program.
"Public transit systems can do more than move people. They connect communities and stimulate economic development," said Jacobs Senior Vice President Chrissy Thom. "Expanding these complex systems in a dense urban area like Broward County is challenging but critically necessary to meet South Florida's growing population and immense tourism industry."
In the past 14 years, more than 100,000 new residents have moved to Broward County making it one of America's largest counties. By modernizing transit infrastructure and developing mixed-use spaces with affordable housing options, the county hopes to further stimulate growth while making it easier for residents and visitors to travel not only from the airport to the port but throughout the region.
J shares dipped 55 cents to $138.24.
