Midlands Connect has released a study outlining the benefits of upgrading a railway route in Shropshire and the Black Country and extending services to London.
The transport body analysed plans for a new hourly train from Shrewsbury, Wellington, Telford, Wolverhampton and Birmingham to London.
Trains could run as fast as 90mph along the line.
The report 'Rails to Recovery: Building Back Stronger' shows nearly £500 million of benefits to the economy if the new route is put in place.
Here are some of the benefits:
418 jobs could be safeguarded and created to design and deliver project.
Time savings to passengers are valued up to £377 million.
Fewer cars on the road and other environmental benefits are worth up to £145 million.
The report examined a combination of faster and more frequent train services, including the potential opportunity associated with extending a future (post Phase 1 of HS2) London Euston to Wolverhampton service.
The service could also provide additional links to Birmingham International and destinations towards London including Coventry, Rugby and Milton Keynes for people in Shropshire and the Black Country.
If approved the scheme will be delivered in phases.
Midlands Connect says it plans to fund the next stage of the project development.
Local MPs Jane Stevenson and Shaun Bailey will join Midlands Connect Chief Executive Maria Machancoses at an event on June 1 to outline the results of the study.