Stalled Energy Projects Costing Millions of Lost Jobs
This week, as part of the ongoing Project No Project initiative, the U.S. Chamber of Commerce released a first-of-its-kind economic study identifying 351 stalled energy projects nationwide that are costing the American economy $1.1 trillion and 1.9 million jobs a year. The study estimates the potential loss of investment and jobs in the 351 proposed solar, renewable, coal, natural gas, nuclear, and transmission projects in 49 states that have been delayed or canceled. Project No Project’s goal is to assess the broad range of energy projects that are being stalled, stopped, or shutdown nationwide. Through a combination of federal, state, and local – regulatory red tape is preventing American businesses from creating new green energy jobs. Is that really acceptable with an 8.9% unemployment rate in Orange County and 9.5% nationally?
Lawmakers need to recognize that there are a multitude of projects ready to begin, however; without proper funding or regulatory relief, these projects will never get started. Jobs will not be created. The economy will take longer to recover.
Discussions have begun about relieving the regulatory red tape and private investors are prepared to fund, build, and operate energy projects that could materially increase the GDP and create jobs – but only if policymakers remove the roadblocks that are standing in the way of recovery and progress.
To see what projects are being delayed and denied in your state, visit http://www.projectnoproject.com/.
For more information, contact Dr. Wallace Walrod, Vice President of Economic Development and Research.