An open letter from Ferrovial CEO Ignacio Madridejos
As Ferrovial celebrates the 10-year anniversary of the TEXpress Lanes in Dallas-Fort Worth, we’ve been taking some time to reflect on the project, specifically, the impact of express lanes, public-private partnerships, and Ferrovial’s integrated model on the rapidly growing city.
Texas partnered with the Ferrovial-led consortium to finance, design, build and operate the North Tarrant Express (NTE), which officially opened in 2014. The success of the project led to the development of the TEXpress Lanes network–NTE, NTE 35W, and the LBJ Express. The TEXpress Lanes have majorly impacted what used to be the highway ranked no. 14 on the list of most congested metros in the United States.
Public-private partnerships (P3s) like TEXpress allow local governments to have access to the technical expertise, innovation, and experience that is not typically available within the public sector. P3s also bring in private capital needed to fund these large-scale projects to expand the capacity for growth. By creating local jobs, supporting local subcontractors, and stimulating further economic activity, these infrastructures serve as economic engines for communities.
TEXpress has effectively improved the highway experience for drivers across the region with 74% of drivers on the express lanes reporting a positive experience and 65% of drivers on these lanes managing to spend under $20 per month on tolls. TEXpress has had an economic impact of $20.2 billion on the region, with 104,500 FTE jobs supported, and $5.9 billion in earned wages.
I’m proud to say that Ferrovial has a 20-year track record of successfully delivering complex projects across the U.S., replicating the TEXpress model in both North Carolina and Virginia.
Our distinct business model allows us to tackle the most complex projects in a way that creates the most value. We have a strong understanding of project risks and how to mitigate them. We have achieved a 12% annual total shareholder return in the last 10 years as a result of our value-oriented investment process, financial discipline, and best-in class capabilities.
We look forward to continuing our work with leaders who have a vision for the future of infrastructure, helping their communities flourish as their populations grow.
Ignacio Madridejos
Ferrovial CEO
