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An economic impact study examines the effect of a project on the economy of a given area. Economic impact is usually measured in terms of changes in economic growth (output or value added) and associated changes in jobs (employment) and income (wages). Fiscal impact is measured in terms of changes in revenues to governments (taxes).
This study details the expected economic and fiscal impacts in the southern Colorado communities from the construction and operation of the proposed lines and substations. The impacts are estimated for each of the four counties in which the project is located (Alamosa, Costilla, Huerfano, and Pueblo Counties) and the region as a whole.
For example, the transmission improvement project would substantially impact the region's economy through local spending on construction materials and worker spending. The estimated direct economic impact from the construction of the transmission improvement project in the region would be approximately $5.8 million over the two- to three-year development and construction period.
These spending patterns would also have multiplicative impacts as the money from construction activity works its way through the regional economy. The direct impact of $5.8 million could generate $3.7 million in indirect and induced spending. Therefore, the transmission improvement project would generate a total direct and indirect economic impact of approximately $9.5 million in the region's economy during the two- to three-year development and construction period. This would include about $3 million in payroll for 84 direct and indirect local workers in existing and/or new jobs.
Annual fiscal impacts would be similarly positive beginning the year after the project is placed in service. Local governmental units would assess property taxes on the transmission improvement project to fund public school operations and local government services. The estimated total value of the transmission improvement project of $179.7 million would generate about $2.5 million in annual property tax revenue to taxing entities in the region, such as counties, cities and school districts. Final tax revenues would be dependent upon the final cost of the project.
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