Connecticut Light & Power Co.’s planned investment in its service network over the next three years will account for more than 5,600 new jobs and boost the state’s economic output by nearly $900 million, a study shows.
Eastern Connecticut State University is scheduled later today to outline its findings of the many dimensions of CL&P’s impact on the state’s economy. CL&P, a unit of Hartford-based Northeast Utilities, funded the study.
“Everyone talks about the economy and how to stimulate growth, but we’ve been quietly investing in the state every year, and creating jobs along the way,” CL&P President Jeff Butler said in an announcement. “We commissioned this study because we were curious to measure our impact on Connecticut’s economy.”
Among the highlights, the combined annual economic impact of CL&P’s spending adds 4,411 jobs and boosts the state’s economic output — the value of its goods and services produced — by an estimated $673.5 million, the study shows.
As the leading taxpayer in many Connecticut cities and towns, CL&P pays more than $71 million in local taxes that support about 1,550 municipal jobs, the study found.
Planned investments to its service grid will add another $100 million annually to local tax payments, the study said.
Eastern economics professors Dimitrios S. Pachis and Jennifer L.Brown co-authored the study.
