Texas Association of Business Economic Impact Study Shows Transformative Economic Benefits from Expansion of Carbon Capture and Storage
This week, The Texas Association of Business (TAB) unveiled its new economic study, which showcases the massive financial impact the carbon capture and storage (CCS) industry could have in Texas. The study’s findings paint an exciting picture of the economic impact of CCS, with billions of dollars? worth of investment being injected into state and local economies.
The study, conducted by Angelou Economics, analyzes the potential economic outcomes of four different CCS project scenarios in 12 counties across South and Southeast Texas: Calhoun, Chambers, Jasper, Jefferson, Liberty, Newton, Nueces, Orange, Polk, San Jacinto, San Patricio, and Tyler. Among its key findings, the study found that the CCS projects in the study could contribute an average of $1.8 billion to the Texas economy, with impacts to individual counties ranging from $317 million in Newton County to $3.7 billion in Orange County.
Across Texas, local tax revenues from construction and operations are projected to increase by $33.4 million, or an average of $131,000 in each of Texas? 254 counties. Financial benefits of this magnitude will be instrumental in bolstering small businesses, funding schools and first responders, and improving local infrastructure.
Additionally, the study estimates that these CCS projects could create or support approximately 7,500 full-time jobs, with an average hourly wage of $45. At the county level, job creation could range from 1,250 new full-time positions in San Patricio County to 16,900 full-time jobs in San Jacinto County. These positions will span a variety of sectors, including construction, electrical, and engineering, creating new opportunities for well-paying jobs not just across the state, but across industrial sectors, too.
To ensure our workforce is prepared and trained for the energy industry of the future, our state will need to understand which industries and skillsets will be in highest demand. The study highlights both areas, identifying industries that will experience the most growth with CCS development?prefabricated metal manufacturing, telecommunications installation, and construction equipment operation?as well as jobs that will be the most in-demand?construction, power line installers and repairers, and operating engineers.
This study reflects the bright future that awaits Texas families as industries shift to proven low-emissions carbon capture and storage technology. It means cleaner, healthier air and high-paying jobs that provide stability and opportunity to workers. It will bring new books to schools and equipment to first responders. As CCS grows, every community in Texas can share in the innovative, reimagining of our energy economy. To learn more about the economic contributions of CCS in Texas, including county-level projections along the gulf coast, read the full study aquí.
