Corporate

Economic Benefits

The benefits of the Cove Point export project will be far-reaching. It will create thousands of jobs and support the local, state and national economy.

Significant Economic Benefits

  • This will be one of the largest capital projects ever in Maryland. 
  • Calvert County is to receive an additional $45 million a year on average in just the first five years after the project is in operation. 
  • The project will produce more than 3,000 construction jobs during the three-year period. 
  • The new facility will require about 75 employees, bringing total employment to 175. 
  • Economic activity during construction will create about $125 million per year in added value.

This one project could reduce the nation’s trade deficit by up to $7 billion annually while helping two important allies, Japan and India, meet urgent clean-energy needs. At the same time, the United States can continue to have ample natural gas supplies to meet domestic needs, and U.S. industry can maintain a significant energy price advantage over international competitors.

U.S. Rep. Steny Hoyer (5-MD) said the project has the potential to make a significant contribution to Southern Maryland's economy, and "moves us closer to the job creation that its development is expected to bring to Calvert County and to Maryland."

NYSE : (April 17, 2014) D 70.67 -0.86