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Economic Benefits
In March 2007, Florida Atlantic University's Center for Urban and Environmental Solutions authored a socioeconomic study of the Floridian Natural Gas Storage Company's facility. The following points are summarized from the report.
Click here for a copy of the complete report.
This report was based on benefits provided by a single tank facility, actual impacts from a two-tank facility will be higher.
- Over $1.6 million in taxes will be paid to Martin County annually by Floridian Natural Gas Storage Company (FGS) once the facility is fully operational in 2011.
- Gas storage will help stabilize the prices Florida utilities pay for natural gas and electricity - cheaper fuel means lower electric rates. In Florida, most electricity is generated with natural gas and fuel costs are passed through directly to consumers by power companies; so, stabilizing natural gas prices will help stabilize consumer electricity bills.
- During the facility's three-year construction phase, 350 jobs will be created at the Indiantown site. Addition of these jobs to the local economy will result in the creation of indirect jobs throughout the county. The total number of direct and indirect jobs created in Martin County during the construction phase is projected to be 991 in 2008, 1060 in 2009 and 538 in 2010.
- Once in operation, the facility will employ approximately 30 people. FGS plans to hire and train local people for more than 90% of the operations and most of the construction positions. Average earnings (including benefits) in western Martin County are $32,550. The FGS operations employees will earn an average of $42,000 - 29% more than the western county average.
- The earnings for all jobs created locally during the facility's construction phase will average $37,368, 15% higher than western county average earnings. Post-construction, 109 local jobs (direct and indirect) will be created due to the facility's operations with average earnings of $36,096, 11% higher than the area norm.
- Many local workers trained during the construction phase will have learned well-paid, high-demand trades such as welding, thus improving their future employment prospects and potential earnings.
- During the peak construction years, the FGS project will cause the Martin County economy to expand by more than $150 million, with payrolls expanding by $40 million.
- Positive economic impact to the State of Florida during the peak construction years will be more than $250 million, with payrolls increasing by more than $180 million.
- Once completed, the direct and indirect operations expenditures of the FGS facility will add $22 million dollars annually to the Martin County economy and more than $30 million a year to the state economy.
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