Yarmouth Port, MA – 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 an economic impact study released today. 

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 $9 million and $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, the 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 $85 million and $137 million annually
•  Labor income will increase by between $32 million and $52 million annually
•  Personal income tax revenues will increase by between $4.8 million and $7.8 million
•  Corporate income tax revenues will increase by between $1.3 million and $2.1 million

Operation Phase
•  Total State economic output will increase by $22 million annually.
•  Labor income will increase by $6.9 million annually.
•  154 permanent jobs including 50 maintenance and operations jobs with an average salary of over $50K per year.
•  Personal income tax revenues will increase by $346,500 annually.
•  Corporate income tax revenues will increase by $113,900 annually.

Download the complete study here (pdf).

Global Insight Inc., of Lexington, MA, is a privately held company formed to bring together the two of the most respected economic and financial information companies in the world, Data Resources Inc. and Wharton Econometric Forecasting Associates.  Global Insight provides the most comprehensive economic coverage of countries, regions and industries available from any source using a unique combination of expertise, models, data and software within a common analytical framework to support planning and decision-making.  www.globalinsight.com

Cape Wind’s proposal to build America’s first offshore wind farm o­n Horseshoe Shoal would provide, o­n average, three-quarters of the electricity used o­n Cape Cod and the Islands from clean, renewable energy. The project would create new jobs, lower electric costs, contribute to a healthier environment, increase energy independence and establish Massachusetts as a leader in offshore wind power. For more information visit www.capewind.org.