WASHINGTON – Citizens for Responsible Energy Solutions (CRES) Forum, in partnership with the Louisiana State University Center for Energy Studies (LSU-CES), today unveiled a white paper, “Potential Economic Implications of Offshore Wind for the U.S. Economy,” authored by Dr. Greg Upton Jr., LSU-CES Executive Director and Associate Research Professor, and Gregory Albrecht, LSU-CES Research Fellow. The paper considers the economic benefits of two potential U.S. offshore wind build-out scenarios, the 2023 Annual Energy Outlook (AEO) projection and the National Renewable Energy Laboratory (NREL) projection, including job creation and GDP.
“Not only is offshore wind a promising part of the clean energy industry, but it also has significant economic benefits — including the potential for 33,000 to 73,000 new, permanent jobs and contributing up to $78.7 billion to America’s economy,” said CRES Forum President Heather Reams. “U.S. electricity demand will continue to grow, particularly as manufacturing grows and AI becomes more prevalent. Investing in the offshore wind industry will help support this demand — while simultaneously bringing good-paying jobs and a significant economic boost.”
“The AEO and NREL project a future build-out, and economic impact analysis of each scenario indicates that development of the industry can support a substantial number of jobs, earnings, and overall domestic product within the U.S., during construction itself and from operations of the built-out capacity.” — Excerpt from “Potential Economic Implications of Offshore Wind for the U.S. Economy”
The authors’ analysis considers two build-out scenarios and outlines both the economic implications for the construction phase as well as the economic implications once the industry is fully operational. The construction phase of offshore wind over the next decade is estimated to support and average of 43,000 to 80,000 jobs per year and add up to $78.7 billion to the U.S. GDP. Once fully operational, the offshore wind industry is predicted to support an estimated 33,000 to 73,000 permanent jobs nationwide and contribute up to $7.4 billion to the U.S. GDP.
Click HERE to read the full white paper.