A recent Chamber of Commerce report, “Progress Denied: The Potential Economic Impact of Permitting Challenges Facing Proposed Energy Projects” revealed more than 350 energy projects nationwide are currently stalled as a result of regulatory red tape, including 21 transmission projects.
According to The Chamber’s report, the delay in construction related to these energy projects cost the U.S. economy $1.1 trillion and has prevented the creation of 1.9 million jobs.
In contrast, if these projects were given the green light they would create 791,000 jobs per year over 20 years and add over $3 trillion to U.S. GDP, according to the authors of the study.
The current logjam of energy projects across the nation is a direct result of an outdated patchwork of local, state and federal regulations.
Click here to access the full report.