Report outlines benefits of pipeline
Published 9:41 am Wednesday, September 17, 2014
FRANKLIN—To outline the benefits of the proposed Atlantic Coast Pipeline, which was announced earlier this month, Dominion and ACP joint partners commissioned a report. Jim Norvelle, director of communications for Dominion Energy, said Tuesday that although a summary was available on Sept. 2, the full report was made available yesterday.
“The Economic Impact of the Atlantic Coast Pipeline in West Virginia, Virginia and North Carolina” was written by Chmura Economics and Analytics. That Richmond-based company is named for Christine Chmura, a former chief economist at Crestar Financial Corp., as well as an associate economist at the Federal Bank in Richmond.
Norvelle said that the report is the first of three, and the others will focus on expected property tax revenue increases, and an independently made assessment of the economic and market implications.
The executive summary stated, “From 2014 through 2019, capital spending on ACP can generate an annual average of $456.3 million in economic impact (including direct, indirect and induced) in the three-state region, supporting 2,873 jobs per year. The cumulative impact of construction is estimated to be $2.7 billion that can support 17,240 cumulative jobs in the three-state region.”
For Virginia:
“Of $4.6 billion in total capital expenditure, $2.5 billion is estimated to be spent in Virginia. From 2014 through 2019, capital spending on ACP can generate an annual average of $236.5 million in economic impact (including direct, indirect and induced) in Virginia, supporting 1,462 jobs per year. The cumulative impact of construction is estimated to be $1.4 billion that can support 8,774 cumulative jobs in the state.”
To offer more information and answer questions, Dominion is hosting open houses. In this area, the session will be on Thursday, Sept. 25 in the Regional Workforce Development Center at Paul D. Camp Community College, 100 N. College Drive, Franklin. The open house will be in two parts; from 5 to 6:30 p.m., landowners within the proposed study corridor; from 6:30 to 8 p.m., landowners and the public.
The Southampton County Board of Supervisors will
also be briefed during its meeting on Monday, Sept. 22, which begins at 7 p.m., in the boardroom at the Courtland administration building.