The proposed Southern Cross project will make a significant contribution to the economic base of Louisiana with both near-term asset development activities, and long-term contributions to the state’s economy. Impacts from the approximately $700 million capital investment in Louisiana are summarized to include:
• $1.05 billion in total direct economic impact from development and thirty-years of the transmission facilities operation, and approximately $790 million in indirect and induced economic benefit to the state’s economy when economic multipliers are considered for a total of $1.84 billion in economic impacts to Louisiana. Local contractors are estimated to realize approximately $245 million in construction contracts that are included in the economic impact estimates.
• Employment during the development and construction phase peaks at approximately 69 jobs from local labor resources, with an estimated 23 permanent jobs created in Louisiana for continuing operation and maintenance over the thirty-year project life. More than 600 jobs are created during the construction phase inclusive of non-local contractor resources. Local job creation is a conservative estimate based on data provided by Southern Cross.
• An anticipated fiscal impact (i.e., additional tax revenues) of $195 million in property taxes in in Louisiana.
To read the entire executive summary, click here.
Click here to read a press release about the Moss Adams report.