By: Barbara Vergetis Lundin |
From 2011 to 2021, Public Service Electric and Gas Company (PSE&G) investments in New Jersey’s electric transmission network will be a powerful stimulant of the state’s economy, according to an analysis by Rutgers University.
Specifically, the report found that the company’s 10-year, $8.1 billion transmission investment program will support 6,000 jobs annually — generating more than $4.3 billion in salary and benefits and more than $640 million in state and local government revenue.
“PSE&G’s annual capital expenditures are a large and continuous economic engine for New Jersey,” said Joseph Seneca, professor at the Edward J. Bloustein School of Planning and Public Policy and coauthor of the report. “The aggregate impact from PSE&G’s portfolio of capital investments will increase state GDP by an estimated $6.6 billion and drive much needed economic growth for the state on a sustained basis.”
Seneca explained that the employment supported by PSE&G’s capital spending will occur across a wide range of sectors with the investments not only initially directly supporting jobs and businesses in construction, engineering and manufacturing, but also creating a ripple effect throughout the broader economy generating indirect employment in retail, transportation and services.
While the report analyzed the impact of seven large-scale projects designed to improve electric transmission capacity across the utility’s service territory, it did not include PSE&G regular operating and maintenance expenditures or the spending on the recently approved $1.22 billion Energy Strong program, which PSE&G estimates could support another 2,900 jobs annually for the next three years.