“The Economic Impact of the Nuclear Industry in the Southeast United States – a regional and state-level analysis” report has been released. Great news for anyone studying, working in, or thinking of joining nuclear science and technology.
“The Southeastern United States is a leader in domestic nuclear energy production. Approximately 37 percent of net electricity production in Georgia, North Carolina, South Carolina, Tennessee, and Virginia comes from nuclear power, which is higher than in all other U.S. states and is also higher than the U.S. average of approximately 19 percent. In addition, nuclear power represents the largest source of clean energy in the United States, implying that the nuclear industry will grow in demand in the coming years as a required component of many economic development strategies targeting an increased use of clean energy. Nuclear power already generates eight hundred billion kilowatt hours of electricity each year and produces more than half of the nation’s emissions-free electricity.”
Key highlights include,
- The total annual economic impact of the nuclear industry in the five-state region is estimated to be $42.9 billion and corresponds to 152,598 jobs and $13.7 billion in labor income that would not exist otherwise. In addition, a contribution of $3.7 billion in state and local tax revenues to host communities.
- This $42.9 billion impact is distributed as follows: South Carolina ($11.1 billion & 41,949 jobs), followed by Tennessee ($9.8 billion & 40,286 jobs), Virginia ($7.1 billion & 24,704 jobs), Georgia ($5.3 billion & 16,241 jobs) and North Carolina ($4.8 billion & 15,494 jobs).
- Nuclear power plants purchase a high percentage of their raw materials from local vendors relative to other firms.
- For every ten jobs created directly by the nuclear industry, another eighteen jobs, on average, are created elsewhere in the region. This multiplier effect of 2.8 is significantly higher than that of the average industry in the five-state region, which is 1.9.
The nuclear industry also contributes to a high-quality workforce as measured by wage levels. The 152,598 jobs that are currently supported by the nuclear industry (which include all direct and secondary job creation) pay an average wage of $89,972. This represents a wage premium of 65.5 percent over the average job in the five-state Southeastern region.
