- Published: 12 March 2020 12 March 2020
The U.S. offshore wind industry is set to deliver significant economic benefits over the next decade, according to the new report, U.S. Offshore Wind Power Economic Impact Assessment, released by the American Wind Energy Association (AWEA).
Market projections anticipate 20,000 to 30,000 MW of offshore wind capacity will be operational by 2030, representing up to $57 billion of investment in the U.S. economy. AWEA’s report estimates that developing this amount of offshore wind will support up to 45,000 jobs by 2025 and 83,000 jobs by 2030, depending on the level of offshore wind build and supply chain growth within the U.S. In addition, the development, construction, and operation of offshore wind projects in the U.S. will deliver annual economic output totaling as much as $14 billion in 2025 and $25 billion in 2030. States along the East Coast are driving demand for offshore wind. Connecticut, Maryland, Massachusetts, New Jersey, New York, and Virginia have targets to procure a total of 25,400 MW of offshore wind before 2035. These policies provide certainty for the industry and will enable investment in the American offshore wind supply chain.