$1.83

September 4, 2018 | Number of The Day
Amount generated for every dollar spent by NJ building an offshore wind farm

More support for New Jersey’s offshore wind industry has arrived, with a report published last week claiming the technology offers economic advantages over offshore drilling. According to the analysis, released by E2 (Environmental Entrepreneurs), every dollar spent on building offshore wind farms would generate $1.83 for New Jersey’s economy, and every dollar spent on operating the farms would earn $1.86 for the state. That could amount to over $700 million for the Garden State, $278.9 million in wages, and the creation of more than 4,000 jobs.

Though the Trump administration has moved to expand offshore drilling along the nation’s coasts, E2’s report highlights the economic risks associated with this technology. If an oil spill occurs during drilling, E2 estimates it would cost $307 million in GDP and $163 million in lost wages to close down beaches and fishing operations for one month in New Jersey.

The Department of Interior is currently preparing lease sales for 28 offshore wind projects along the Eastern Seaboard.