The US offshore wind industry can deliver important economic benefits over the next decade, according to the ”U.S. Offshore Wind Power Economic Impact Assessment” report, released by the American Wind Energy Association (AWEA).
AWEA estimates that developing 30,000 megawatts (MW) of offshore wind along the East Coast could support up to 83,000 jobs and deliver $25 billion in annual economic output by 2030.
Offshore wind is key to the future of clean energy development in the U.S. and will add to a thriving wind power industry that already represents the largest source of renewable energy in the country. The offshore wind industry will create tens of thousands of jobs and provide billions of dollars to the economy, while delivering on its enormous untapped potential to power major population centers up and down the East Coast
stated AWEA CEO Tom Kiernan.
Market projections expect 20,000 to 30,000 MW of offshore wind capacity to be operational by 2030, representing up to $57 billion of investment in the US economy. AWEA’s report estimates that developing this amount of offshore wind will support up to 45,000 jobs by 2025 and 83,000 jobs by 2030, based on the level of offshore wind build and supply chain growth within the US.
What is more, the development, construction, and operation of offshore wind projects in the US will deliver annual economic output as much as $14 billion in 2025 and $25 billion in 2030.
States along the East Coast are drivers of demand for offshore wind. Connecticut, Maryland, Massachusetts, New Jersey, New York, and Virginia have targets to produce a total of 25,400 MW of offshore wind before 2035.
Offshore wind, following on the rapid proliferation of land-based wind over the past decade, is positioned to achieve significant growth and deliver jobs and economic output along the East Coast and throughout the rest of the country
Mr. Kiernan added.
The offshore wind industry can now build on the massive growth experienced by its land-based counterpart. As noted in the report, the land-based wind industry grew from supporting 100 domestic manufacturing facilities and 50,000 jobs in 2007 to more than 500 facilities and 114,000 jobs today.
In 2019, land-based wind power reached over 100 GW of operating capacity, a four-fold increase from 2008. Offshore wind is set for a similarly rapid expansion, creating new opportunities for port revitalization and vessel construction.
Project developers and manufacturers have already announced more than $1.3 billion of planned investments in port infrastructure, manufacturing facilities, and supply chain development to support offshore wind.