Around 3,000 construction and supply chain jobs would be created if a new rail link were built between Coventry, Leicester and Nottingham, according to a newly published analysis.
This would peak in 2031 at around 850 and averages at around 400 every year, says regional transport body Midlands Connect.
The majority of these roles would be high-skilled occupations such as engineering, operatives and project management while 70 apprentices would be recruited and trained over the course of the programme.
Regional transport chiefs are hoping to win government backing for a seven-year project to create a new link between Coventry, Leicester and Nottingham which they say could generate an additional £68 million in economic value as a result of jobs created and £11 million in social value benefits.
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This is on top of the traditional transport and wider economic benefits outlined in the business case which amounted to £170 million at the last update.
There is currently no direct service between Coventry and Leicester or Nottingham but Midlands Connect says this can be reinstated by creating a "dive-under" at Nuneaton, creating space for trains to pass through the station.
Journey times along the route would be cut significantly, with trips from Coventry to Leicester falling from 54 to as low as 30 minutes and trips between Coventry and Nottingham to around 65 minutes.
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Loughborough and East Midlands Parkway could also have new, direct and more frequent links to Coventry.
Currently, just three per cent of trips between Coventry and Leicester are made by train compared with 30 per cent of journeys made between Coventry and Birmingham.
Average speeds for trains between Coventry and Leicester currently fall under 30mph, compared to average speeds of over 100mph for trains from Coventry to London.
Andrew Clark, integrated transport programme lead at Midlands Connect, said: "This project is so much more than just a rail scheme, it will create high-skilled and high-paid jobs, grow our economy and kick-start careers, thanks to the creation of apprenticeship roles.
"At the moment, it can take up to 70 minutes to travel less than 25 miles between Coventry and Leicester and passengers have to change trains halfway - it's simply not good enough.
"Our plans will fix that and link key Midland cities, once and for all."