As described in the State’s new Greenhouse Gas Reduction Plan, Towson University’s Regional Economic Studies Institute (RESI) found that implementation of the Plan could create up to 39,000 jobs with net benefits to the State of up to $1.7 billion over ten years. As described in Chapter 7 of the Plan, released yesterday,
During the investment and operation phases of [the Plan’s] strategies, the total economic benefits would include approximately 37,189 jobs maintained in 2020 and $34.0 billion in output between 2010 and 2020. The total cost of all strategies in all subject areas is approximately $32.4 billion. The results. . .are point estimates. . . The expected net benefits range from $1.5 and $1.7 billion and the jobs maintained in 2020 would range from 35.3 to 39.0 thousand jobs. The net benefit includes public and private costs. . .
RESI also found that the Plan would generate additional tax revenues for state and local governments in Maryland. According to their analysis, revenues would significantly increase during the investment phase and decrease during the operation phase. Figure 7-2 provides RESI’s data, showing that the total state and local tax revenues would range from approximately $3.5 to $3.9 billion for the investment phase and decrease by $223 to $245 million for the operation phase.
For more information on interpreting the results of RESI’s study in this area, see the complete plan and appendices, when available and see our previous post, State Climate Change Plan Unveiled at Summit.
RESI’s Executive Director, Daraius Irani, Ph.D., will be coming to MACo’s Summer Conference to present a session on the economic drivers in Maryland county economies. Dr. Irani will forecast Maryland’s economic development and speak specifically about the influence of the education sector, hospitality industry, federal government, and medical field in his talk, Eds, Beds, Feds and Meds. He will present county-level data on the influence of these sectors and others, detailing how their strengths and weaknesses will develop over time. To register for this session and others at the MACo conference, visit the MACo website.