Florida's Turnpike System

economic condiTions
and ouTloook
Fiscal Year Ended June 30, 2008
The Turnpike generates its revenue primarily from toll transactions which are dependent
on commuter traffic, tourism, trade, as well as other trips. For the first time in
decades, the Turnpike experienced a decline in traffic and revenue in FY 2008 due
primarily to a slowdown in the Florida economy.
Traffic on Turnpike facilities is directly impacted by Florida’s population and employment
level. Florida’s population is currently estimated at 18.8 million, roughly
6 percent of the entire United States. Estimates of the Office of Economic and
Demographic Research of the Florida Legislature put Florida’s population at approximately
20 million by 2010. While the population in Florida continues to increase, it is
growing at a slower pace than in prior years. Compared to 4.0 percent in the prior year,
unemployment increased to an estimated 7.0 percent of the State’s workforce. This
level exceeds the national estimate of 6.5 percent and is indicative of the challenges the
State’s economy faces.
Additionally, a sharp rise in the price of gasoline in FY 2008 has impacted the driving
decisions of the public. Drivers are utilizing mass transit and car pools as well as
consolidating trips to offset the increase in fuel costs. The price of gasoline in Florida
escalated from $3 per gallon to over $4 during the year.
Nationally, FY 2008 was marked by the continuing war on terrorism, conflict in
Afghanistan and Iraq, and volatility in the housing and financial markets. Reflecting
these events, Florida’s tourism industry has slowed. Florida’s tourism industry attracts
people from around the world. With hundreds of miles of beaches, a tropical climate,
and numerous attractions such as the Walt Disney World Resort, Universal Studios,
SeaWorld, and the Kennedy Space
Center, tourists have many options
to choose from. According to VISIT
FLORIDA Research, a unit of the
Florida Commission on Tourism,
84.5 million people visited Florida
during the year spending $65.5
billion, essentially the same spending
from the previous year. Travel
to and from tourist destinations in
Florida is facilitated by the Turnpike
Mainline which serves the Miami
to Orlando corridor, the Southern
Connector Extension, Beachline
West Expressway, and the Seminole
Expressway which serve the Orlando
area, and the Veterans Expressway
which serves the Tampa area.
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