Wind Proposal to Boost Economy, Energy Supply

The manufacturing, construction and operation of America’s first offshore wind farm by Cape Wind Associates will generate an estimated 600 to 1,000 jobs in the region, according to a recent economic impact study.

Yarmouth Port, Massachusetts – April 4, 2003 [SolarAccess.com] The 14-page study, prepared by Global Insight, of Lexington MA, concludes that Cape Wind will have a number of positive economic and fiscal impacts on the region and Barnstable County. Some of these benefits include the creation of hundreds of direct, indirect and induced full-time jobs during the construction phase. There will also be an increase in the range of revenue and taxes paid to state and local towns of between US$9 million and US$14 million a year during this period. “This study shows that Cape Wind will provide welcome benefits above and beyond the obvious goal of bringing clean, efficient, Renewable Energy to the Cape and region,” said Jim Gordon, president of Cape Wind. “At a time when the region is experiencing significant job loss, Cape Wind represents substantial job creation and a boost to the economy.” Among the study’s other findings: Manufacturing/Assembly/Construction/Installation Phase: · Employment in Barnstable County will increase by 75 construction jobs · Total State economic output will increase by between US$85 million and US$137 million annually · Labor income will increase by between US$32 million and US$52 million annually · Personal income tax revenues will increase by between US$4.8 million and US$7.8 million · Corporate income tax revenues will increase by between US$1.3 million and US$2.1 million Operation Phase · Total State economic output will increase by US$22 million annually. · Labor income will increase by US$6.9 million annually. · 154 permanent jobs including 50 maintenance and operations jobs with an average salary of over US$50K per year. · Personal income tax revenues will increase by US$346,500 annually. · Corporate income tax revenues will increase by US$113,900 annually.
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