Welcome!

News Feed Item

Vancouver Energy and Analysis Group Release Economic Findings

Vancouver Energy projected to generate $2 billion in local economic value

VANCOUVER, Wash., Aug. 22, 2014 /PRNewswire/ -- A new, independently conducted economic impact assessment from Analysis Group shows the proposed Vancouver Energy terminal will deliver significant economic benefit to the region, generating $2 billion in economic value and creating an average of more than 1,000 jobs annually.  

"Analysis Group's findings confirm our previous analysis. Vancouver Energy will have a major, positive economic impact on Vancouver and the region through the creation of an average of more than 1,000 jobs annually and billions of dollars in economic value added for the city, region and state of Washington," said Jared Larrabee, Vancouver Energy general manager. "In a recent poll, 69 percent of Clark County respondents and 64 percent of respondents statewide expressed support for the Vancouver Energy terminal, largely because of its potential economic benefits and contribution to U.S. energy independence efforts in an uncertain world. This latest assessment confirms they're right. We remain committed to improving the local and state economy, and we remain committed to operating safely and promoting our nation's energy independence while doing so."

The projected economic impacts identified in the assessment include:

  • $2 billion in economic value to the local and regional economy ($1.2 billion present value) through labor income and tax revenues, as well as income and profits created as a result of the terminal's direct, indirect and induced impacts
  • $1.6 billion in labor income ($890 million present value) during its construction and assumed first 15 years of operation
  • $22 million, one-time payment in state and local taxes during construction
  • $7.8 million in tax revenue annually once fully operational

Additionally, the terminal is expected to bring much-needed, high-value jobs to the region, including:

  • 320 full-time or equivalent jobs during construction
  • 176 direct, on-site jobs and 440 direct, off-site jobs once the terminal is fully operational

Additional indirect and induced jobs will be created by suppliers to the project and by subsequent rounds of spending in the region, bringing the total average number of jobs created by the project to over 1,000 jobs annually.

The economic impact assessment was conducted using best practices and proven methodologies by Dr. Todd Schatzki, Analysis Group Vice President, and Dr. Bruce Strombom, Analysis Group Managing Principal, who combine extensive experience in economic impact studies and energy and environmental analysis. Though commissioned by Tesoro Savage Petroleum Terminal LLC, the opinions expressed in the independent assessment are exclusively those of the authors.

"Our analysis finds that the development of Vancouver Energy would lead to increases in employment, labor income and tax revenues. These reflect the direct employment and local business activity from Vancouver Energy's construction and operation, as well as the multiplier effects as activity ripples through the region's economy," said Dr. Strombom.

The assessment is one of many studies that have been or will be provided to the Energy Facility Site Evaluation Council (EFSEC) – the body in charge of reviewing and permitting large, energy-related projects in Washington – as part of the preliminary draft environmental impact statement. Once EFSEC completes its thorough review process, it will make a recommendation to Washington Gov. Jay Inslee, who will make the final decision on permitting the terminal.

For more information about Vancouver Energy or to view the Analysis Group assessment in its entirety, visit VancouverEnergyUSA.com.  

Assessment Methodology
Analysis Group's "Assessment of Vancouver Energy Socioeconomic Impacts: Primary Economic Impacts" focuses on four metrics from the IMPLAN model that measure the impacts on a region's economy: employment, labor income, tax revenue and total economic value added. IMPLAN was used to gauge the economic impact of Vancouver Energy on the city of Vancouver and the 10 counties within a one-hour drive from the proposed terminal's location. Timing included Phase I of construction in year one; Phase II of construction to bring the facility to full capacity and start-up operations in year two; and the next 14 years during which the facility is fully operational.

About Analysis Group
Analysis Group's more than 500 professionals provide economic, financial and business strategy consulting to leading law firms, corporations and government agencies. The firm's 11 offices are located in Boston, Chicago, Dallas, Denver, Los Angeles, Menlo Park, New York, San Francisco and Washington, DC; and internationally in Montreal and Beijing. For more information, visit analysisgroup.com.

About Vancouver Energy
Vancouver Energy will serve a basic and important function: the safe transfer of North American crude oil from rail to ship. Doing so enables the crude oil to be efficiently transported to West Coast refineries, where it will be converted into transportation fuels for American families and businesses. Tesoro Refining & Marketing Company LLC and Savage Companies formed a joint venture to fully leverage their shared experience and expertise in safely and responsibly moving, storing and handling crude oil. The joint venture will develop, own and operate the proposed terminal at the Port of Vancouver USA – Vancouver Energy – subject to regulatory approval. For more information on Vancouver Energy, visit VancouverEnergyUSA.com.

CONTACT
Jennifer Minx, Vancouver Energy
[email protected] 
(210) 626-7702

Eileen Harrington, Analysis Group
[email protected] 
(617) 425-8193

SOURCE Vancouver Energy; Analysis Group

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...