Economic Benefits
The economic benefits from the Weaver’s Cove Energy LNG facility will be numerous and benefit not only the local labor force and industries, but also regional communities.
During Construction
Weaver's Cove Energy will create high paying jobs for local workers and will increase natural gas supply to New England by upwards of 20%, resulting in lower natural gas and electricity prices for the region. Weaver's Cove Energy would also become the largest tax payer in the City of Fall River and the Town of Somerset. In addition to these tax dollars (which would exceed $5 million yearly), Weaver's Cove will pay for any costs associated with the federally mandated safety and security plan.
The indirect next benefit to the local area will be increased economic development. The construction process (expected to take approximately three years) will support business activity throughout the region. Global Insight, a world leader in economic and financial analysis, forecasting, and market studies, estimates that $370 million in spending will flow directly to the local economy during construction from payrolls and the purchase of other goods and services (click here to access their report). Note that the Global Insight report was prepared before the Offshore Berth project was announced and so does not reflect the additional jobs and economic activity created by the additional investment.
During Operations
Weaver’s Cove plans to directly employ 50 permanent workers. These positions will be high paying jobs, such as supervisors, operators, technicians and mechanics. Weaver’s Cove will create an additional indirect 350 jobs by purchasing outside services. Moreover, the project estimated annual spending of $35 million will flow through the Massachusetts and Rhode Island economies, generating a total of $105 million in direct and indirect economic benefits, including tax payments.
Up to 85% of the workforce will be comprised of local hires during both the construction phase and later on during plant operation.
Jobs created by Weaver's Cove Energy will include:
- Operating Engineers
- Welders
- Electricians
- Carpenters
- Pipe Fitters
- Laborers
- Inspectors
- Plumbers
- Landscapers
- Cement Masons
- Plasterers
- Scaffold Riggers
- Security
- Policemen
- Firemen
- Painters
- Mechanics
- Teamsters
- Insulators
- Glaziers
- Floor Layers
- Sheet Metal Workers
- On site catering
- Fence Installers
- Office Supply
- Copy Services
- Snow Plow Service
- Road Cleaning
- Health & Safety Testing
- Legal service
- Public Relations Services
- Pavement Installers
- Boat Crews
- X-ray technicians
- Ultrasonic technicians
- Electronic & Controls technicians
- Tug crews
- Steel Workers
- Divers
- Marine Specialists
- Utility Crews: electrical, gas, water, sewer
- Hazardous Waste Specialists
- "Haz Mat" Crews
- Linemen
- Cable Pullers
- Computer technicians & programmers
- Communications technicians
- Surveyors
- Security system technicians
- Photo-voltaic system technicians and installers
- Boilermakers
- Rail Road Flagmen
- Warehousemen
- Riggers
- Trash & Scrap Haulers
- Cleaning & Housekeeping
- Iron Workers
- Roofers
- Dredge Operators
The increased supply of gas that Weaver’s Cove will result in lower natural gas bills, and, since natural gas is used to generate electricity, it will also result in lower electric bills. In a 2007 report, ISO New England (who operates the region’s electricity/power grid), forecasted that lower natural gas prices could bring electricity cost savings of $10 billion annually.
In summary, the construction of the Weaver’s Cove Energy facility in Fall River will bring a major economic boost to the region. This will be followed by significant regional economic benefits each year from the operation and maintenance of the facility. Finally, once in operation, the LNG facility will help to bring down natural gas and electricity prices throughout the region.
