Study: $18 billion U.S. offshore industry
A study commissioned by the Offshore Marine Service Association (OMSA) determined that the vessels and shipyards involved in the U.S. offshore energy industry are responsible for about $18 billion in annual spending and more than 100,000 jobs, paying about $4.6 billion in wages.
'This study confirms our belief that offshore energy activity, whether it is oil, gas, wind or hydro-power, has critically important national benefits, not only for our coastal areas but for the entire U.S. economy overall,' said Otto Candies III, OMSA chairman and secretary and treasurer of marine transportation company Otto Candies LLC.
The study, The Economic Impact of the Shipbuilders and Vessel Operators Servicing the Offshore Exploration, Development, and Production Industry on the U.S. Economy, was conducted by Loren C. Scott & Associates. It is the first known study that looks specifically at the economic impact of the Jones Act fleet of offshore vessels. Currently, the U.S. government is reviewing its longstanding policy that governs when U.S. vessels must be used instead of foreign vessels in the offshore industry.
The study looked at four key impacts generated by offshore vessel companies and American shipbuilders that construct offshore vessels:
' New sales for U.S. firms.
' New household earnings for U.S. residents.
' New jobs in the United States.
' Federal, state and local tax collections in the country.
'What is important about this study is that it shows the benefits of the maritime sector don't stop at the waterline,' said Tom Church, corporate development manager at Louisiana shipyard Leevac Industries. 'They extend to the shipyards that build the boats and to all of the companies that supply our steel, electronics and the other component parts of the vessel.'