Study finds high return on investment for NJ offshore wind spending

Wind turbine

MICHELLE BRUNETTI POST / PRESS OF ATLANTIC CITY – Every dollar spent in-state to build a 352-megawatt wind farm off the New Jersey coast would generate $1.83 in economic benefit, according to a new study by BW Research Partnership.

But it used a model developed by the federal government that assumed 56 percent of the $843 million in construction expenditures would likely go to out-of-state businesses. That means most of the positive ripple-effect spending would likely go to other states, and overall costs would outpace economic benefit here.

The report estimated about $383 million would be spent in-state to build the wind farm, which would generate an additional $319 million in ripple-effect spending, for a total in-state economic benefit of $702 million …

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