Inadequate energy infrastructure is hurting job creation in New England. It affects energy prices and discourages businesses from starting, expanding, and creating jobs in the region. If our region does not begin to allow energy infrastructure projects to move forward, our job market will continue to suffer.
Failing to expand New England’s energy infrastructure could continue to affect energy prices and cost our region jobs. Between now and 2020, we will lose an estimated 52,000 private sector jobs because of higher energy costs. In 2020 alone, when the energy cost escalation is the largest, the New England economy will lose 25,600 private-sector jobs.
For New England, the job consequences of under investing in energy infrastructure projects leads to an average rate of job loss of 28,900 per year in the private-sector between 2016 and 2019.
The failure to invest in critically needed energy infrastructure will not just cost jobs and drive up energy costs for every New England household and business. Underinvestment also means lower job creation.
As many as 115,600 fewer jobs will be created if we continue to block investments in energy infrastructure expansion. Combined with the 52,000 private sector jobs lost, the consequences of not investing in the energy infrastructure will lead to job losses of 167,600.
Which sectors will be hit the hardest?
Job losses will come predominantly from the construction, retail, trade, healthcare, restaurants/hotels, manufacturing and professional and technical services sectors, indicating a wide impact across a variety of economic sectors.