SBN Releases Report Assessing the Local Economic Impact of GSI
Posted on: February 01, 2016
The Sustainable Business Network of Greater Philadelphia (SBN) releases report assessing the Local Economic Impact of the First Five Years of Green City, Clean Waters.
This highly anticipated report, executed by Econsult Solutions, has interest from many local, regional, and national organizations, as well as members of City Council.
This report assesses the local economic impact of the first 5 years of Philadelphia’s comprehensive stormwater management plan, Green City, Clean Waters. The plan, managed by Philadelphia Water, is addressing EPA Clean Water Act regulations with decentralized, neighborhood scale, natural systems, otherwise known as green stormwater infrastructure (GSI).
“Just 5 years into this ambitious, daring, and innovative 25-year plan to address federal water quality requirements, GCCW is already demonstrating present results and future potential.” – Jamie Gauthier, Executive Director, Sustainable Business Network of Greater Philadelphia
Using the GSI Partners (a subset of SBN members) as a proxy for the larger industry, the report shows local economic growth is resulting from the public and private investments in GSI that are being catalyzed by the plan.
“The GSI Partners experienced double-digit annual revenue growth from 2013 to 2014. We estimate that these local businesses currently represent an annual economic impact of almost $60 million within the City of Philadelphia, supporting 430 local jobs and generating nearly $1 million in local tax revenues.” — Anna Shipp, GSI Partners Project Manager, Sustainable Business Network of Greater Philadelphia
The report also makes projections of what can be expected with continued investment in GSI. Indicators of local economic growth go beyond the growth of the businesses within the industry, so the report also evaluates the real estate market as well as neighborhood level benefits that have resulted from the public and private investment catalyzed by Green City, Clean Waters.
“Conservatively, over the life of GCCW, public and private investments in GSI are projected to produce a $3.1 billion impact in the Philadelphia economy, supporting roughly 1,000 jobs per year and generating $2 million per year in local tax revenues.” – Lee Huang, Senior Vice President and Principal, Econsult Solutions, Inc.
SBN will brief City Council on February 24th on the results of the report, and will use this report in their continued efforts to support the maximum triple bottom line success of Green City, Clean Waters.