Economic Offshore Development Virginia Study
In 2018, API commissioned Mangum Economics to prepare a study on the economic and fiscal contribution that the development of offshore oil and natural gas resources could make to the Virginia Beach Metropolitan Statistical Area (MSA). The highlights of the study include:
- Steady job creation of 16,798 jobs twenty years after initial lease sales, in industries such as construction, healthcare and social assistance, retail, accommodation and food services, and real estate
- Direct-employment jobs produced that pay above-average salaries, annually accounting for $1 billion twenty years after initial lease sales.
- 82 percent of the jobs created are projected to pay wages above the average for the region.
- The average weekly salary for the oil and gas extraction industry is $1,321, which is 60 percent above the regional average of $825 per week.
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