Econsult Solutions, Inc. and Drexel University released an economic impact report stating that PennEast Pipeline’s design and construction will generate approximately $1.6 billion in additional wages, revenues and investments to regional and state economies of Pennsylvania and New Jersey.
This study is important to the CEO Council for Growth as it continues to advocate for the growth of the region’s energy sector through infrastructure improvements, and business attraction.
Key findings from the analysis include:
-The design and construction of the project will require an investment of $1.19 billion by PennEast through the end of 2017.
-The majority of the direct expenditures will be in Pennsylvania and New Jersey, with some materials and labor sourced from other states.
-The multi-year construction phase of the project is expected to result in direct, indirect and induced economic impact of $1.6 billion and associated 12,160 jobs in Pennsylvania and New Jersey; the six-county region of the project is expected to recognize the majority of this impact.
-The ongoing operations of the project will generate an annual expenditure of $13.2 million by PennEast, resulting in an expected $23 million in annual economic impact and supporting 98 jobs; the six-county region of the project is expected to recognize the majority of this annual impact.
-The study focuses on the supported workforce resulting from the project and its estimated contribution of more than $17.5 million in personal income taxes during construction. Significant other federal, state and local taxes also would be generated, though not quantified in the report.
-Numerous industries would benefit from the construction and on-going operations of the pipeline, including professional services and retail establishments.
Click here for the full report.