CENTER VALLEY, Pa. – Area business leaders gathered at DeSales University today for a briefing on a new economic study of the proposed PennEast Pipeline, completed by Drexel University and Econsult Solutions. The study assesses the PennEast Pipeline Project’s potential economic impact on the six counties it would cross, as well as both Pennsylvania and New Jersey. Results of the study, released February 9, were described in detail during today’s session, which was hosted by the Greater Lehigh Valley Chamber of Commerce.
“PennEast Pipeline Project Economic Impact Analysis” showed that design and construction of the PennEast Pipeline would generate approximately $1.6 billion in additional wages, revenues and investments. The majority of that impact, approximately $1.4 billion, would benefit a six-county region that includes the Lehigh Valley.
“Our team used detailed construction and operations budget projections to design a model to estimate the economic impact the pipeline would generate,” said Stephen Mullin, president of Econsult Solutions, speaking to a standing-room only crowd representing business interests throughout region.
“We believe that local communities would benefit greatly,” said Paul Jensen, associate dean for graduate and undergraduate programs at Drexel’s LeBow College of Business. “The economic impact would be beneficial to all counties the pipeline touches, as well as both states. Moreover, consumers are the true winners. The additional gas supply in the market could potentially lower natural gas and electricity bills, thereby increasing disposable income and spurring broader economic growth.”
“New infrastructure, jobs and economic development are very important to our more than 5,000 members,” said Michelle Griffin Young, executive vice president of the Greater Lehigh Valley Chamber of Commerce. “Many of our members are in PennEast’s proposed pipeline route; from the northern tip of Carbon County through Warren County, New Jersey, and south. We welcome the opportunity to host today’s event. We want area businesses to fully understand what the PennEast Pipeline could mean for the region and state. While the goal of the pipeline is to deliver additional affordable energy to eastern Pennsylvania and New Jersey, the thousands of jobs supported during construction and $740 million in wages are substantial added benefits.”
“Last year, Pennsylvania natural gas production hit an all-time high of almost four trillion cubic feet, and demand for delivery of natural gas continues to rise,” said Peter Terranova, chairman of the PennEast Pipeline board of managers. “That’s exactly why we are proposing the PennEast Pipeline. The availability, reliability and affordability of abundant local natural gas offers a one-of-a-kind competitive edge for Pennsylvania and New Jersey. The PennEast Pipeline will help businesses leverage that edge for long-term job growth and new investment.”
The approximately 110-mile, 36-inch diameter PennEast Pipeline will transport approximately one billion cubic feet of clean, natural gas per day – enough to serve approximately 4.7 million homes. It will run from Dallas, Luzerne County, in northeastern Pennsylvania, to Transco’s pipeline interconnection near Pennington, Mercer County, New Jersey. The full economic impact study is available at http://penneastpipeline.com/economic-impact-analysis/.