Economic Impact of Greater Paulsboro Energy Companies (GPEC)
A recent study conducted by the Steve Sweeney Center for Public Policy at Rowan University highlights the significant economic role that the Greater Paulsboro Energy Companies (GPEC) play in Gloucester County.
Key Findings:
- Economic Output: GPEC generates approximately $814 million in total economic output.
- Job Creation: The companies support around 2,855 jobs, vital for the local economy.
Contributions to the Local Community:
- GPEC is described as the economic anchor of Gloucester County’s port economy, facilitating high-paying, stable union jobs and contributing to local property taxes.
- Local tax revenue generated by GPEC stands at roughly $22.6 million, which helps fund public services such as schools, emergency services, and municipal infrastructure.
Economic Analysis:
The study, led by Dr. Stuti Jha and Dr. Kul Kapri, utilized the IMPLAN input-output framework to assess 2023 data from GPEC companies. They found that GPEC companies contributed $265.9 million in labor income and added $437.8 million in value to New Jersey’s economy.
GPEC Components:
The GPEC network includes several significant facilities:
- Paulsboro Refining Company
- CPI Operations
- PBF Logistics Products Terminal Paulsboro
- ExxonMobil Lubes Plant
- Repauno Port & Rail Terminal
- Sunoco Property
- Energy Transfer Eagle Point Terminal
These facilities strategically occupy locations along the Delaware River, with access to major transportation corridors, which are essential for serving markets throughout the Northeast and Mid-Atlantic.
Job Statistics:
- Paulsboro Refining, for instance, employs 295 full-time workers and engages 290 contractors daily to maintain operations, showcasing the depth of employment it provides to the region.
Comments from Stakeholders:
- Steve Sweeney, Gloucester County Administrator, emphasized the need for an “all of the above” approach to energy supply in light of global uncertainty.
- Dr. Ali A. Houshmand, Rowan University President, highlighted GPEC’s role in innovation and workforce development.
- William T. Mullen, President of the New Jersey Building and Construction Trades, expressed the importance of the skilled union jobs that GPEC offers to New Jersey’s economy.
Economic Support:
GPEC accounts for nearly 30.7% of the combined economy of the municipalities of Paulsboro, Greenwich, and West Deptford, and supports roughly 16.5% of jobs within these areas. Total tax contributions amount to $107.1 million.
Conclusion:
The results underscore the critical role that GPEC plays not only in sustaining jobs but also in enhancing economic stability and growth throughout Gloucester County and New Jersey at large. The findings advocate for continued support and investment in these energy companies to bolster their contributions to local communities and the state economy.
