Vancouver Energy Project to Generate $2 Billion in Economic Value
The Vancouver Energy project – an energy distribution terminal proposed for Vancouver, Washington – would create significant economic value and drive regional employment, according to an economic impact assessment conducted by Analysis Group Managing Principal Bruce Strombom and Vice President Todd Schatzki. The assessment of the terminal found that the Vancouver Energy project will increase economic value added by $2 billion ($1.2 billion present value) in the study area comprised of Clark County and the nine other counties closest to the project. The study, “Assessment of Vancouver Energy Socioeconomic Impacts: Primary Economic Impacts,” projected that the project would produce the equivalent of more than 1,000 new full-time jobs annually, on average, across the study area for the life of the project and $1.6 billion in labor income during its construction and assumed first 15 years of operation. The study also found that the project would lead to a one-time increase in local and state tax revenues of $22 million during construction and annual increases in tax revenues of more than $7.8 million starting in 2017.
Reflecting on the study, Dr. Strombom explained, “Our analysis finds that the development of Vancouver Energy would lead to increases in employment, labor income, and tax revenues. These reflect the direct employment and local business activity from Vancouver Energy’s construction and operation, as well as the multiplier effects as activity ripples through the region’s economy.” This assessment focused on four metrics from the widely-used IMPLAN model that measure the impacts on a region’s economy: employment, labor income, tax revenue, and total economic value added. IMPLAN was used to gauge the economic impact of Vancouver Energy on the city of Vancouver and the 10 counties within a one-hour drive from the proposed terminal’s location.