Summary
Based upon a preliminary assessment of economic growth and job creation, the direct spending from these awards will generate about 2.4 times the economic activity for every federal dollar spent—in addition to creating 13.6 jobs for every million dollars spent. In the long term, these investments will create healthier ecosystems that will reap sustainable dividends for years to come; help reduce climate risk; and build resilience in underserved, Tribal, and Indigenous communities.
Economic Impact
Estimated changes to economic growth and job creation that these historic investments will bring to the areas where project activity is occurring.
Coastal and habitat restoration awards supported through the eight funding opportunities are expected to stimulate significant economic activity across coastal America, including the Great Lakes, and U.S. territories. Using input-output modeling, we estimated the preliminary value that these investments will have on the flow of economic activity and jobs in the economies around the award sites.
The top part of this slide presents the key findings of the economic analysis: over 7,800 jobs and $553 million in labor income, 13.6 jobs created for every $1 million in NOAA grant investment, $1.4 billion in economic output in the local economies across coastal states including the Great Lakes, as well as Tribal Nations and U.S. territories and $2.40 worth to total economic activity generated for every $1 spent by BIL/IRA projects. The rest of the slide shows the estimated gross output by state of the contiguous U.S., Alaska, Hawai’i, Puerto Rico and the U.S. Virgin Islands. Washington has the highest estimated gross output between $150 to $206 million. California and Florida each have estimated gross output between $115 to $149 million. Alabama, North Carolina, Oregon, and Puerto Rico estimated gross output falls between $75 to $114 million. Connecticut, Hawai’i, Louisiana, Massachusetts and Texas have estimated gross output between $45 to $74 million. Maryland, Michigan, Mississippi, New Hampshire, New Jersey, Ohio, South Carolina, Virginia, and the U.S. Virgin Islands each have an estimated gross output between $20 to $44 million. Estimated gross output for Georgia, Idaho, Indiana, Minnesota, New York, Rhode Island, and Wisconsin is under $19 million.
Equitable Engagement and Expected Benefits
How these awards are anticipated to engage and provide benefits to underserved, Tribal, and Indigenous communities.
Our preliminary analysis shows that the Administration’s equity and environmental justice objectives are expected to be advanced through these awards, with 59 percent of projects planning on engaging Tribal or Indigenous communities. Half of the awards are committed to protecting, restoring, or enhancing culturally significant ecosystems, and over 40 percent provide important resilience benefits to vulnerable populations, including weather and climate risk reduction activities.
Ecosystem Services Benefits
The value that society would place on the expected improvements to habitats that will enhance the function of ecosystems.
These awards will improve the function of habitats, resulting in ecosystem services that are valued by society. Coral reefs, mangroves, salt marshes, and dunes provide protection to homes and businesses along the shore. Beaches provide a space for recreation. Wetlands provide a nursery for fish species to grow before migrating to ocean waters, supporting recreational and commercial fisheries. These and other benefits are distributed across the habitats covered by the awards. Using economic valuation methods, we estimated the value that society would place on the expected award outcomes.
Source link
Paul.Lineberger www.noaa.gov
