A study conducted by the Nuclear Energy Institute found that Indian Point Energy Center generated more than $1 billion in economic output in the counties surrounding the nuclear power plant in Buchanan, among other positive economic effects.
The NEI, a nuclear advocacy organization made up of individual and group members affiliated with the industry, conducted the analysis using employment, operating expenditures and tax payments from Entergy Nuclear, the business unit of Entergy Corp. that owns Indian Point.
The study identified economic ripple effects from Indian Point’s operation. The ripple effects, or secondary impacts, include job creation numbers, economic output and taxes generated. Those findings were determined by applying the information provided by Entergy into a computerized economic impact model called Policy Insight Plus, a methodology developed by Regional Economic Models Inc.
Indian Point employs about 1,000 people at the facility on an annual payroll of roughly $145 million. The model found that the Buchanan-based plant stimulates 2,800 jobs outside of the plant in surrounding counties, including Westchester, Rockland, Orange, Putnam and Dutchess, as well as 6,900 jobs in other industries in the rest of New York and the country.
In the U.S., “the second largest sector that benefits from Indian Point’s operation is manufacturing, particularly for purchases of pumps, motors and other equipment,” the report said.
The plant paid about $30 million in state and local property taxes last year, making it one of the largest taxpayers in Westchester County, the report said. Its total tax impact, combining direct and secondary impacts, was calculated to be $340 million in tax revenue to local, state and federal governments.
The direct and secondary impacts of Indian Point amounted to roughly $1.3 billion in nearby counties in 2014, and total output on the U.S. economy was $2.5 billion, the report said.
“It”™s possible through these models to derive an estimate of what a single job at a facility will stimulate in terms of additional jobs and in terms of economic output, not only in the surrounding county, but the state and nationwide,” said Richard Myers, vice president of policy development and planning at NEI.
The report is absolutely on point. The economic activity, including the property taxes paid, generated by Indian Point is substantial to the residents of Westchester County and surrounding areas. Low cost, reliable energy supply permits NYC, Westchester and the region to continue to attract new businesses, retain old businesses and grows the regional population and tax base.
We should not permit unfounded fears to threaten the economic and environmental security of millions of New York residents and business owners.