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What overall impact is Cape Wind likely to have on the local economy?

April 26, 2017cape wind economy impact likely local overall

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What overall impact is Cape Wind likely to have on the local economy?

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Global Insight, a Massachusetts consulting firm, performed an economic impact analysis which concluded that Cape Wind would have a positive economic impact on the mainland cities and towns in Barnstable County, especially Barnstable and Yarmouth. Benefits likely to be concentrated in Barnstable County included an annual permanent increase of 154 jobs and nearly $7 million in labor income. Property tax revenues would increase by an estimated $62,510 annually in Barnstable and $217,168 in Yarmouth as a result of onshore improvements associated with the transmission connection. Additionally, as part of its host community agreement with the town of Yarmouth, Cape Wind will pay the town a total of $350,000 annually or $7,000,000 over 20 years in taxes and charitable contributions. Click here6 for the Army Corps of Engineers summary of local economic impacts (Section 5.16.4.4.1 to 5.16.4.4.3, pages 5-270 to 5-273), and here7 for the Global Insight economic impact analysis.