AUSTIN, TEXAS – The Texas Association of Business (TAB) today unveiled a comprehensive economic impact study conducted by Angelou Economics, detailing the significant financial benefits of carbon capture, utilization, and storage (CCUS) projects across 12 counties in Texas. The study forecasts a transformative impact on local economies, highlighting the potential for job creation, increased tax revenues, and substantial contributions to state and county-level economic growth.
The study analyzed the potential economic outcomes of four different CCUS project scenarios in each of the 12 counties: Calhoun, Chambers, Jasper, Jefferson, Liberty, Newton, Nueces, Orange, Polk, San Jacinto, San Patricio, and Tyler. The projects are expected to generate an average state-level economic impact of $1.8 billion, creating or supporting approximately 7,500 full-time jobs across the state.
“This study highlights the significant economic opportunities that CCUS projects offer Texas through job creation, tax revenue growth, and infrastructure investments,” said Glenn Hamer, CEO of the Texas Association of Business. “These initiatives not only reinforce our commitment to expanding jobs and industrial growth in Texas, but they also play a crucial role in reducing emissions and improving air quality in communities across the state.”
Key Findings:
$1.8 Billion Statewide Impact: The CCUS projects could contribute $1.8 billion to the Texas economy on average, driven by both construction and ongoing operations.
Job Creation: These projects will create or support approximately 7,500 full-time jobs, offering an average hourly wage of $45. The positions will span multiple sectors, including construction labor, electrical power-line installers, and operations engineers.
$33.4 Million in Tax Revenues: Local tax revenues from construction and operations are projected to increase by $33.4 million, providing critical support for local services such as law enforcement and emergency services.
County-Level Impacts: At the county level, economic impacts range from $317 million in Newton County to $3.7 billion in Orange County, with job creation figures spanning approximately 1,250 full-time equivalents in San Patricio County to 16,900 in San Jacinto County.
The study utilized the IMPLAN model, a widely respected economic impact assessment tool, to evaluate direct, indirect, and induced economic effects of CCUS projects. These calculations take into account the cumulative impact of construction and operational phases, providing a full picture of the long-term benefits.
Angelou Economics also outlined the various industries that will see the most significant growth from these projects, including prefabricated metal building manufacturing, telecommunications installation, and construction equipment operation.
The Texas Association of Business supports an all-of-the-above approach to energy, advocating for commonsense solutions that ensure a reliable, affordable, and sustainable energy future for Texas businesses and communities. As the leading energy producer in the U.S., Texas places energy at the core of every issue, from economic development and supply chain to national security, transportation, and infrastructure.
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