the comprehensive economic development impacts of the
TRANSCRIPT
TheComprehensiveEconomicDevelopmentImpactsoftheRooftopSolarPowerIndustryontheStateofFlorida
--
TheComprehensiveEconomicDevelopmentImpacts
oftheRooftopSolarPowerIndustryontheStateofFlorida
Submittedto:
2655 LeJeune Road, Suite 541, Coral Gables, FL 33134 T: 305-461-3811 – F: 305-461-3822 | E: [email protected] | W: www.weg.com
November2021
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TableofContents
I. ExecutiveSummary...............................................................................................................................1
II. Supercharged:HowtheSunshineState’sRooftopSolarPowerIndustrySupportsFlorida’sEconomicDevelopment.............................................................................3
III. TheAnnuallyRecurringEconomicImpactsoftheRooftopSolarPowerIndustry’sOngoingOperationsContributeSignificantlytotheEconomicWell-BeingofFlorida.....................................................................................................................................10A. TheRooftopSolarPowerIndustryisanImportantContributortoOverall
EconomicGrowthandtheWell-BeingofFloridaResidents.....................................11B. AnEstimated40,462JobsareSupportedThroughoutFloridabytheOngoing
OperationsoftheRooftopSolarPowerIndustry..........................................................12C. TheRooftopSolarPowerIndustryOngoingOperationsContribute
SubstantiallytotheStandardofLivingofFloridaResidents..................................13D. GrossDomesticProductImpacts:TheRooftopSolarPowerIndustry’sOngoing
OperationsareImportanttotheOverallEconomicActivityinFlorida...............15E. TheTotalEconomicImpactGeneratedbytheFloridaRooftopSolarPower
IndustryisaSignificant$18Billion...................................................................................16F. TheFloridaRooftopSolarPowerIndustryGeneratesImportantContributions
toPublicRevenuesEachYear..............................................................................................18
AppendixI: Methodology...........................................................................................................................19
AppendixII: EconomicGlossary..............................................................................................................22
AppendixIII: DetailedEconomicImpactTables..............................................................................24
AppendixIV: TheWashingtonEconomicsGroup,Inc.ProjectTeamandQualifications............................................................................................................30
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ListofTablesandFiguresTablesTableES-1. SummaryoftheAnnualEconomicImpactsGeneratedinFloridabythe
OngoingOperationsoftheRooftopSolarPowerIndustry..........................................2
Table1. SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry........................................11
Table2. TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.................................................................................................................12
Table3. HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...............................................................................................14
Table4. GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry..................................................................................15
Table5. TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...............................................................................................17
Table6. FiscalContributionsArisingfromtheOngoingOperationsoftheRooftopSolarPowerIndustryinFlorida........................................................................................................18
Figures
Figure1. TheSwansonEffect.......................................................................................................................4
Figure2. FloridaAnnualSolarInstallations..........................................................................................5
Figure3. TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.................................................................................................................13
Figure4. HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................................................................14
Figure5. GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...................................................................................16
Figure6. TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................................................................17
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I. ExecutiveSummary
n TheRooftopSolarPowerIndustryinFloridaisacatalystfortheState’ssustainableeconomicdevelopment,accordingtoTheWashingtonEconomicsGroup,Inc.(WEG)Comprehensive Economic Development Impact Study. WEG was retained byConservatives for Clean Energy to analyze the economic development impacts of theIndustryontheStateofFlorida’seconomy.
n TheQualitativeSection that follows thisExecutiveSummarydivesdeep into themultifacetedandgrowingqualitativebenefitsof theRooftopSolarPowerIndustryactivities as a whole. These additional positive impacts, so-called “externalitybenefits,”gowell-beyondthequantificationofeconomicimpactsonJobssupported,Household Income, GrossDomestic Product (GDP) and other economic indicatorsthatarepresentedinthisStudy.
n The multifaceted “externality benefits” of the Rooftop Solar Power Industry arevisualizedintheMatrixbelow.
n In addition to the above externality benefits, the Florida Rooftop Solar Power
Industry’sgrowingoperationsgeneratesignificantquantifiableeconomicimpactsthroughout Florida. The quantifiable economic impacts generate high-wage
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employmentforFloridaresidentsandimportantcontributionstoHouseholdIncomeeach year, among other economic impacts. Section III of the Study analyzes theseeconomicimpactsingreaterdetailandaresummarizedinTableES-1below.
TableES-1.SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoing
OperationsoftheRooftopSolarPowerIndustry(byImpactType)
Impacton: Direct Indirect Induced TotalImpact
Employment(Jobs)∗ 8,907 15,774 15,781 40,462
HouseholdIncome($Million) $1,331 $1,114 $735 $3,179
GDP(ValueAdded-$Million) $6,488 $2,746 $1,375 $10,609
Federal,State&LocalTaxRevenues($Million) --- --- --- $3,257
TotalEconomicImpact($Million) $10,730 $5,166 $2,426 $18,322
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
n ThelargeannuallyrecurringeconomicimpactsmaketheFloridaRooftopSolarPower
IndustryatopcontributortotheStateeconomicactivityandamajorsourceofjobopportunitiesstatewide:
o $18.3billioninTotalEconomicImpact
o 40,462Employment(Jobs)supported
o $3.2billioninHouseholdIncometoFloridaworkers
o $10.6billionincontributiontoGrossDomesticProduct
o $3.3billioninFederal,StateandLocalTaxRevenues
n ItiscriticaltohighlightthatthosejobsandindustriespositivelyimpactedbytheRooftop SolarPower Industry are concentrated in theKnowledge-BasedServices sectors such as High-Tech Manufacturing, Professional BusinessServices, InformationTechnology (IT) andothers. These are higherwage jobsrelativetotheStateaverage,andsupportiveofFlorida’sStrategicPlanforEconomicDevelopment.
∗Thedirectemploymentfigureswithintheeconomicimpacttablesdonotnecessarilyequalthetotalfull-timeequivalent(FTEs).ThisisduetotheIMPLANinput/output(I/O)methodology,whichmeasuresreal(inflation-adjusted)economy-wideimpactsbasedonaveragewagesoftheindustryandproductivitywithinthegivenstudyarea.
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II. Supercharged: How the Sunshine State’s Rooftop Solar PowerIndustrySupportsFlorida’sEconomicDevelopment
TheRooftopSolar Industry inFlorida is an important catalyst for theState’s sustainableeconomic development. This qualitative assessment section of this Study by TheWashingtonEconomicsGroup,Inc.(WEG)highlightstheeconomicdevelopmentbenefitsoftheRooftopSolarPowerIndustryinFlorida.WEGwasretainedbyConservativesforCleanEnergytoanalyzeboththequantitativeandqualitativeeconomicimpactsoftheIndustryontheStateofFlorida’seconomy.WhilethefollowingSectionIIIwillpresentthequantifiableeconomicimpactsoftheRooftopSolarPowerIndustryintheState,thissectiondivesdeepinto the multifaceted and growing qualitative benefits of the Rooftop Solar Industry’sactivitiesasawhole.Theseadditionalpositiveimpacts,socalled“externalitybenefits,”gowellbeyondwhatcanbequantified,andtheyaddressthegrowingsignificanceoftheRooftopSolarIndustry’simpactonimprovingthestandardoflivingofallresidentsthroughcleanandreliableenergyforsustainableeconomicgrowth.
As Florida continues to grow and diversify its economy, it is imperative that the Stateembrace andadopt renewable energy sources tomeetburgeoningdemand.TheRooftopSolar Industry in Florida delivers on this need and supports high-wage, high-skilledemploymentindoingso.Asaninnovativeleaderinrenewableenergydelivery,RooftopSolarPoweriscriticalforsustainableeconomicgrowthasFloridiansmoveintothethirddecadeof the 21st Century. Furthermore, the Rooftop Solar Power Industry in Florida plays afoundationalroleinadvancingtheexistingFloridaStrategicPlanforEconomicDevelopment.By aligning with the existing efforts and interests of stakeholders, policymakers andcommunity leaders inFlorida, theeconomic impactsof theRooftopSolarPowerIndustryripplesbeyondwhatcanbequantifiedutilizing theprofessionallyaccepted Input/Output(I/O)Methodology.
Whiletechnicallyhumanshaveharnessedtheenergyandpowerofthesunformillennia,thefirstphotovoltaic(PV)cellwasinventedin1954.In1973,theUniversityofDelawarewasresponsibleforcreatingthefirst“solarresidence”providingenergytoabuildingoncampuscalledSolarOnewithsupportfromDelmarvaPowerandLightCo.Sincethattime, thepriceofphotovoltaiccellshasplummetedwiththephenomenabeingdubbed “Swanson’s effect.” This effectmeans that costs of PV cells go down roughly 75percentevery10years,andtheevidenceisillustratedinFigure1onthenextpage.
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Florida,theSunshineState,hasagoodopportunityforcontinuedRooftopSolardevelopmentandgrowth.Alreadyamushroomingindustry,theFloridaRooftopSolarPowerIndustryisrobustandgrowing.AccordingtotheSolarEnergyIndustriesAssociation(SEIA),Floridaisranked4thforSolarEnergy(droppingslightlyfromthe3rdspotin2020).HerearesomeotherkeyfactsfortheStatefromSEIA:
v NationalRanking:4th(3rdin2020)
v StateHomesPoweredbySolar:780,5861
v PercentageofState’sElectricityfromSolar:3.03%
v SolarBusinessesinFlorida:414(66Manufacturers,209Installers/Developersand139Others)
v GrowthProjection:12,042MWoverthenext5Years(ranks3rdmostamongallUSStates)
1Datacomesfromtheutilityscalesolarfarmsandrooftopsystems.
Figure1.
TheSwansonEffectPriceofcrystallinesiliconphotovoltaiccells
Source:Bloomberg,NewEnergyFinanceandpv.energytrend.com
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Florida’s80,997totalsolarinstallationshassupported8,907jobs.WhiletheRooftopSolarPowerIndustryisafractionoftheoverallSolareconomyinFlorida,itisgrowingandwillbeanimportantfuturecontributorforsustainedeconomicgrowth.(SeeFigure2below).
Fromaneconomicdevelopmentperspective,thegrowingRooftopSolarPowerIndustryofFlorida is significant because it supports high-wage, high-skilled employment. Solarmanufacturers, installers, wholesalers/traders, and technicians pay higher-than-averagewages.AsFloridaseekstodiversifyawayfromanoverconcentrationinthehospitalityandtourismindustry,theRooftopSolarPowerIndustryisagoodplacetofocustheState’sefforts.Already,policymakersandcommunityleadershavetakennoticeandmadetheRooftopSolarPowerIndustryapriorityforfutureeconomicdevelopment.From2018to2019,therewasa17.8percentincreaseinjobcreationfromthesolarindustryinFlorida2.WithgrowthinthehigherwagehigherskilledlaborpooloftheState,Floridaresidentsultimatelybenefitbyimprovingthestandardoflivingandqualityoflife.
“Removingrestrictionsonleasedsolarsystemshasencouragedsmall-scalesolargrowthinFlorida.In2020,small-scalesolarcapacityinFloridagrew57percent,increasingfrom492MWin2019to773MW.3”
Source:U.S.EnergyInformationAdministration(EIA),
2TheSolarFoundation,StateSolarJobsCensus:https://www.thesolarfoundation.org/solar-jobs-census/states/3https://www.eia.gov/todayinenergy/detail.php?id=46996
Source:SolarEnergyIndustriesAssociation(SEIA).
Figure2.FloridaAnnualSolarInstallations
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Onesuchanecdotalexampleofhowthe Rooftop Solar Power Industryhas a positive impact on Florida’seconomycanbeseeninthestoryofSteveRutherford.Steveisaservice-disabled veteran who served 22years in the Navy SEALs. Afterserving in Iraq to bring freedomabroad,StevecamehometoFloridaand started a company to help hisneighbors achieve energy freedom.For the past 9 years, Steve’s
company,TampaBaySolar,hasemployed30peopleacrossCentralFlorida,athirdofwhomareveterans.TampaBaySolarisjustoneexampleofmanyacrosstheSunshineState.WhileFloridahasdonewellrecentlyingrowingitsRooftopSolarPowerIndustryfootprint(suchaswithSteve’scompanyTampaBaySolar),theStatehasopportunitiesforgrowthmovingforward.
According to the National Renewable Energy Laboratory (NREL), researchers foreseeFlorida’ssolarpowerisprojectedtomeetupto30percentofFlorida’stotalelectricityneedsoverthenext10years,dependingonthepricesofotherelectricitysources,suchasnaturalgas andothermarket conditions. ElaineHale, the lead author of the Study, said that thepercentagecouldgoevenhigher,dependingonhowandwhetherfutureStatepolicymakerscalculatetheclimatecostsoffossil-fueledenergy4.
UponAnalyzingtheRooftopSolarPowerIndustryinFlorida,itisimportanttoseehowwelltheindustryalignsitseffortswithexistingeconomicdevelopmenteffortsbypolicymakersandcommunityleaders.AccordingtotheFloridaFoundation’sSixPillars,theRooftopSolarPowerIndustrydirectlysupportsmostoftheimportanteconomicdevelopmentstrategiesoftheState.Theseinclude:
• InnovationandEconomicDevelopment• InfrastructureandGrowthLeadership• BusinessClimateandCompetitiveness• QualityofLifeandQualityPlaces
4From2018https://www.osti.gov/biblio/1457670
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Theoperationalandgrowth-orientedactivitiesofFlorida’sRooftopSolarPowerIndustryareindirectalignmentwithFlorida’sStrategicPlanforEconomicDevelopment.BysupportingFlorida’s economic pillars, the Rooftop Solar Power Industry creates a synergistic effectwhereeconomicdevelopmentoutcomesareaffectedmoreprofoundlythantheywouldbehadtherenotbeensupportiveindustriessuchasRooftopSolarPower.
AccordingtoEnterpriseFlorida,theState’sEconomicDevelopmentOrganization,Cleantechis one of Florida’s most important and major industries. Rooftop Solar contributessignificantlytoarobustandtargetedCleantechIndustryintheState.
“Floridiansunderstandtheundeniablelinkbetweensustainabilityandtheeconomyandareharnessinginnovationandthestate’sstrongentrepreneurialspirittobuildoneofthenation’sleadingcleantechnologyhubs.Andwhetheryourfocusisoceanenergyorgreen architecture, you’ll find an established industry presence across the cleantechspectruminFlorida.5”
TheRooftopSolarPower’sbusinessesareincludedintheover11,750CleantechcompaniesestablishedintheSunshineState.AccordingtotheCleantechIndustryProfile,SolarPowerisanareaofexcellencefortheStateandisusedinmarketingmaterialstoattractandretain5https://www.enterpriseflorida.com/industries/cleantech/
Sources:FloridaChamberFoundationandEnterpriseFlorida,Inc.
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businessesandcorporationsfromaroundtheworld6.Forexample,JinkoSolarHoldingCo.,Ltd.partnershipwithNextEraEnergy.Based inShanghai, JinkopartneredwithFlorida’sutilitycompanytosupplythemwith“upto2,750megawattsofhigh-efficiencysolarmodules— roughly 7 million solar panels — over approximately four years.” Jinko opened amanufacturingfacilityinJacksonvilletomakethesepanelsthuscreatingjobsandfurtheringFlorida’scleantechindustryprofile7.
Uponfurtherassessment,itisimportanttoanalyzehowtheRooftopSolarPowerIndustryinFloridacreatesavirtuouscyclethatfurtherenhancessustainableeconomicgrowthandexpansion.ThiscanbevisualizedintheMatrixbelow.
Clearly, FloridaRooftop Solar Power Industry is a targeted and supported industry. TheIndustry’scommitmenttoexcellenceisusedinbrandingmaterialstosupporttheattractionandretentionofcompaniesaroundtheState.Further,theIndustryemployshigh-wageandhigh-skilledlabor,atoppriorityforelectedofficialsandpolicymakersfromaroundFlorida.Inalignmentwiththesepolicyaimsandgoals,RooftopSolarPowerinFloridabecomesthen6https://www.enterpriseflorida.com/wp-content/uploads/cleantech-industry-profile.pdf7https://jinkosolar.us/press/nextera-energy-and-jinkosolar-announce-deal-for-millions-of-solar-panels-jinkosolar-to-begin-manufacturing-solar-panels-in-florida/
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anessentialelementinsustainableeconomicdevelopmentforFloridaforthepresentandthefuture.ItisthereforemissioncriticaltocontinuetosupporttheIndustryastheRooftopSolarPowerIndustrythensupportsrisingstandardsoflivingandhigherqualityoflivesforallresidentsintheSunshineState.
Inconclusion,theRooftopSolarPowerIndustry’simportanceforthecontinuedsustainedgrowthanddiversificationoftheFloridaeconomycannotbestressedenough.Bysupportingthe existing economic development efforts of the State and aligning its efforts withpolicymakersandstakeholders,theRooftopSolarPowerIndustrysupportshigh-wageandhigh-skilled jobs that directly contribute to increase the standard of living for Floridaresidents.AstheIndustrycontinuestogrow,Floridaresidentswillbenefittremendously,farmorethancanaccuratelybequantifiedandasfoundinthefollowingSectionofthisStudy.
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III. TheAnnuallyRecurringEconomic Impactsof theRooftopSolarPowerIndustry’sOngoingOperationsContributeSignificantlytotheEconomicWell-BeingofFlorida
TheongoingoperationsoftheRooftopSolarPowerIndustryinFloridaaresignificantandgrowing,resultinginemploymentopportunitiesforlocalresidentsthroughouttheState.TheIndustry’sactivitiesincreasetheState’sGrossDomesticProduct(GDP),leadingtogreatereconomic productivity through economies of scale and agglomeration, and throughadditionaloperatingrevenuesofbusinessestablishmentswithinFloridathatprovidethisIndustrywithavarietyofgoodsandservices.
The IMPLAN Group, LLC. (IMPLAN) developed the software and basic data needed toformulatetheeconomicmultipliermodelusedforthisStudy.IMPLANhasbeenprovidingeconomic multiplier models for regional economic impact analysis since 19858. Modelsdeveloped using IMPLAN software have been widely used by private-sector, academiceconomists,andbyFederal,StateandLocalgovernmentagenciestomeasuretheimpactsofspecificeconomicactivities.AllimpactsareestimatedonarecurringannualbasisandwerebasedonFloridaindustryemploymentof8,907for20199.
IMPLANMethodology
Economic models that explicitly account for inter-industry linkages (supply relationships), thegenerationoflaborandcapitalincomeandthespendingofhouseholdincomehavebeenusedsincethe1960’stoestimatethecontributionthataparticularbusinessorindustrymakestothegeneraleconomy.These“input-output”modelsrecognizethatasanindustryexperiencesanincreaseinthedemandforitsproductsorservices,itinturnneedsmoregoodsandservicesfromitssuppliersandmustincreaseitspurchasesfromotherindustriesintheeconomy.Theeffectonregionalproductionresultingfromsuccessiveroundsofinter-industrylinkagesisreferredtoastheindirecteffect.Theresulting increases in regional production also lead to expansions in employment andhouseholdincome,andtheincreasesinlaborincomeleadtoincreasesinconsumerspending,furtherexpandingsalesandproductionthroughouttheregionaleconomy.Thelattereconomicimpactsarereferredtoastheinducedeffects.Thesuccessivewavesofproduction,spendingandmoreproductionresultineconomic multiplier effects, where the final or total increase in regional production, income andemployment,respectivelyislargerthantheinitial(or“direct”)increaseinproduction,incomeandemployment.Thetotalquantitativeeconomiccontributionoftheseactivities,therefore,iscomprisedofadirecteffect,anindirecteffectandaninducedeffect.
8InformationontheIMPLANGroup,LLCmodelsandthecompanyhistorycanbefoundatwww.implan.com.9TheSolarFoundation10thAnnualNationalSolarJobsCensus2019,February2020http://www.SolarJobsCensus.org
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The following Section presents the summary of the economic impacts generated by theongoingoperationsoftheFloridaRooftopSolarPowerIndustryintheFloridaeconomyinterms of Employment (Jobs), Household Income, Gross Domestic Product (GDP), TotalEconomicImpactandFederal,State&LocalFiscalRevenues.
A. The Rooftop Solar Power Industry is an Important Contributor to OverallEconomicGrowthandtheWell-BeingofFloridaResidents
TheRooftop SolarPower Industry’s growingoperations generate significant quantifiableeconomicimpactsthroughoutFlorida.TheIndustryhasasignificant$18billionimpactonFlorida annually. This impact encompasses 40,462 jobs supported, over $3 billion inHousehold Income,more than $10 billion contribution to State Gross Domestic Productannuallyandover$3billioninFederal,StateandLocaltaxrevenuesgeneratedeachyear.Theselargeimpacts,summarizedinTable1below,maketheRooftopSolarPowerIndustrya top contributor to State economic activity and a major source of job opportunitiesstatewide.
Table1.SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byImpactType)
Impacton: Direct Indirect Induced TotalImpact
Employment(Jobs)∗ 8,907 15,774 15,781 40,462
HouseholdIncome($Million) $1,331 $1,114 $735 $3,179
GDP(ValueAdded-$Million) $6,488 $2,746 $1,375 $10,609
Federal,State&LocalTaxRevenues($Million) --- --- --- $3,257
TotalEconomicImpact($Million) $10,730 $5,166 $2,426 $18,322
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
The ongoing operations generate economic impacts that extend beyond those directlyrelatedtotheactivitiesoftheRooftopSolarPowerIndustrythroughouttheStateofFlorida.These “spillover” or multiplier impacts are the result of each business activity’s supplyrelationships with other firms operating within the State economy, the proportion ofbusinessvalueadded10thataccruestohouseholdsintheformoflaborandcapitalincomeandthepropensityofhouseholdstospendincomeongoodsproducedwithinthelocalarea.∗Thedirectemploymentfigureswithintheeconomicimpacttablesdonotnecessarilyequalthetotalfull-timeequivalent(FTEs).ThisisduetotheIMPLANinput/output(I/O)methodology,whichmeasuresreal(inflation-adjusted)economy-wideimpactsbasedonaveragewagesoftheindustryandproductivitywithinthegivenstudyarea.10“Valueadded”referstothedifferencebetweenbusinessrevenuesandthecostofnon-laborandnon-capitalinputsusedtoproducegoodsand/orservices.
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The direct, indirect and induced economic impacts of the Florida Rooftop Solar PowerIndustrywerecalculatedusinganextendedinput-outputmodeloftheFloridaeconomy.
The followinganalysispresents theeconomic impactsonEmployment (Jobs),HouseholdIncome,GrossDomesticProduct(GDP)andTotalEconomicImpactbyspecificindustries,aswellasFiscalRevenuesgeneratedfromtheoperationsoftheFloridaSolarPowerIndustry.
B. AnEstimated40,462 JobsareSupportedThroughoutFloridaby theOngoingOperationsoftheRooftopSolarPowerIndustry
TheoperationsoftheRooftopSolarPowerIndustrycreate40,462jobsinFlorida.Justover22percentor8,907ofthetotalemploymentsupportedarethedirect jobsat firmsinthe
industry; and31,555 jobs resultfrom indirect and inducedimpacts as the Industry’soperations and spending filterthrough the State economy(Table 1, page 11).Approximately 44 percent orover 17,970 occurs in theKnowledge-Based Services
sectorthatrequiresworkerswithhighproductivityskillsachievedthroughpost-secondarydegreesandcontinuoustraining.
Table2.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)
Industry JobsSupported %ofTotal
Knowledge-BasedServices∗ 17,970 44%
Government&Other 12,718 31%
WholesaleTrade&TransportationServices 3,653 9%
VisitorIndustry 2,847 7%
RetailTrade 2,707 7%
ConstructionandManufacturing 567 1%
Total: 40,462 100%
Notes:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.
Therefore,thetotalnumberofjobsdirectly,indirectlyandinducedsupportedbytheoperationsoftheRooftopSolarPowerEnergyisestimatedat40,462–makingasignificantcontributiontoemploymentopportunitiesintheStateofFlorida.
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Inaddition,approximately12,718jobs,or31percent,aresupportedintheGovernment&Other sector, 3,653, or9percent are inWholesaleTrade&TransportationServices.TheremainingjobsarecreatedintheVisitorIndustryandRetailTradesectorswith7percenteach,and1percentintheConstructionandManufacturingsectorscombinedaspresentedinTable2onthepreviouspageandinFigure3below.
C. The Rooftop Solar Power Industry Ongoing Operations Contribute
SubstantiallytotheStandardofLivingofFloridaResidents
The Rooftop Solar Power Industry also contributes to the standard of living of Florida’sresidentsbyaddinganestimatedmorethan$3billioninincometotheState’shouseholds.ItshouldbenotedthatthisincreaseinincomeforFloridaHouseholdsissolelyattributableto
the employment impacts and doesnot take into account any incomeattributable to the electric powergenerated by the rooftop solarinstallations.
TheRooftopSolarPowerIndustryisdirectly responsible for thegeneration of $1.3 billion, and the
indirectandinducedimpactsgenerateover$1.8billioninHouseholdIncomeintheStateofFloridaeveryyear.(Table1,page11.)AspresentedinTable3andFigure4onthenextpage,
44%
31%
9%
7%7%
1%
Figure3.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry
Knowledge-BasedServices
Government&Other
WholesaleTrade&TransportationServices
VisitorIndustry
RetailTrade
ConstructionandManufacturing
Source:TheWashingtonEconomicsGroup,Inc.(WEG)
Intotal,thejobssupportedbytheRooftopSolarPowerIndustry’songoingoperationscontributetothestandardoflivingofFloridaresidentsbyaddinganestimated$3billioninHouseholdIncomeannually.
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workersintheGovernment&Othersector11received$1.8billionor58percentofthetotallabor compensation while workers in the Knowledge-Based Services sector receivedapproximately$929millionor29percentofthetotallaborcompensationpaidasaresultofindustryongoingoperations.
Table3.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)
Industry TotalImpact($Million) %ofTotal
Government&Other $1,830 58%
Knowledge-BasedServices∗ $929 29%
WholesaleTrade&TransportationServices $224 7%
RetailTrade $91 3%
VisitorIndustry $74 2%
ManufacturingandConstruction $32 1%
Total: $3,180 100%
Note:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
11AccordingtoIMPLAN,Government&Otherisalargesectorbecauseelectricutilities(includingsolarelectric)aggregateintothissector.∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.
58%29%
7%3% 2% 1%
Figure4.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry
Government&Other
Knowledge-BasedServices
WholesaleTrade&TransportationServices
RetailTrade
VisitorIndustry
ManufacturingandConstruction
Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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ThisisfollowedbytheWholesaleTrade&TransportationServicesgenerating$224million,or7percent. Theremaining6percentofHouseholdIncomeisgeneratedacrossallothersectorsoftheStateeconomy.Ofthis6percent,theRetailTradesectorcomprises3percent,ormorethan$90million,and2percentiswithintheVisitorIndustrysectorand1percentintheManufacturingandConstructionsectors.
D. GrossDomesticProductImpacts:TheRooftopSolarPowerIndustry’sOngoingOperationsareImportanttotheOverallEconomicActivityinFlorida
GrossDomesticProduct(ValueAdded)istheportionofbusinessrevenuethatisavailabletopay compensation to workers, capital income and indirect business taxes. It is also theprincipal source of income to households and a keymeasure of the contribution to theeconomymade by the activities of the Rooftop Solar Power Industry, resulting in a netcontributiontotheStateeconomyofover$10billioneachyearasshowninTable4below.Ofthis,over$6billionisattributedtodirectimpacts,andmorethan$4billioncomesfromindirectandinducedimpacts(Table1,page11).
Table4.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)
Industry TotalImpact($Million) %ofTotal
Government&Other $8,261 78%
Knowledge-BasedServices∗ $1,616 15%
WholesaleTrade&TransportationServices $404 4%
RetailTrade $152 1%
VisitorIndustry $115 1%
ManufacturingandConstruction $61 1%
Total: $10,609 100%
Note:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
OfthetotalFloridaGDPofmorethan$10billionattributabletotheRooftopSolarPowerIndustryeachyear,animportantover$8billionor78percentofGDPisgeneratedintheGovernment&Othersector12,followedby$1.6billionor15percentintheKnowledge-Based
∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average. 12Ibid.
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Servicessector,$404millionor4percentintheWholesaleTrade&TransportationServicessector and $152million or 1 percent in Retail Trade sector. The remaining 2 percent isgenerated in the Visitor Industry and in the combined Manufacturing and Constructionsectors.ThepercentagedistributionineachindustrysectorisillustratedinTable4inthepreviouspageandinFigure5below.
E. The Total Economic Impact Generated by the Florida Rooftop Solar Power
IndustryisaSignificant$18BillionTotalEconomicImpactmeasuresthetotalproductionofanindustryorbusiness.Inthiscase,theTotalEconomicImpactmeasuresthetotalamountofgoodsandservicesproducedbytheRooftopSolarPowerIndustry’sactivitiesinFlorida.
As in theother impactmeasures, asignificant portion of the TotalEconomic Impact occurs in theGovernment & Other sector13representing 77 percent or morethan$14billionoftheoverallTotalEconomic Impact. Sixteen (16),
percent, or close to $3 billion of the impact is generated within the Knowledge-Based
13Ibid.
Source:TheWashingtonEconomicsGroup,Inc.(WEG)
TheTotalEconomicImpactoftheFloridaRooftopSolarPowerIndustryisestimatedatslightlyover$18billionannually,asignificantcontributiontotheStateeconomyandjobsforresidents.
78%
15%
4% 1% 1% 1%
Figure5.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry
Government&Other
Knowledge-BasedServices
WholesaleTrade&TransportationServices
RetailTrade
VisitorIndustry
ManufacturingandConstruction
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Servicessector,and4percent isgeneratedwithintheWholesaleTrade&TransportationServices sector. The remaining 3 percent is distributed among the Retail Trade, VisitorIndustry and the Manufacturing and Construction sectors of Florida’s economy. This ispresentedinTable5andinFigure6below.
Table5.TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)
Industry TotalImpact($Million) %ofTotal
Government&Other $14,079 77%
Knowledge-BasedServices∗ $2,901 16%
WholesaleTrade&TransportationServices $722 4%
RetailTrade $255 1%
VisitorIndustry $203 1%
ManufacturingandConstruction $163 1%
Total: $18,323 100%
Note:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.
Source:TheWashingtonEconomicsGroup,Inc.(WEG)
77%
16%
4% 1% 1%1%
Figure6.TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry
Government&Other
Knowledge-BasedServices
WholesaleTrade&TransportationServices
RetailTrade
VisitorIndustry
ManufacturingandConstruction
Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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F. TheFloridaRooftopSolarPowerIndustryGeneratesImportantContributionstoPublicRevenuesEachYear
TheRooftopSolarPowerIndustry’soperationsgeneratesignificantcontributionstopublic-sector revenues throughout the State of Florida each year,with close to $1billionor31percentflowingtotheFederalgovernmentandmorethan$2billionor69percentallocatedtoStateandLocalgovernments.Intotal,theIndustrygeneratesatotalofover$3billioninFederal,StateandLocalgovernmentrevenuesannuallyasshowninTable6below.
Table6.FiscalContributionsArisingfromtheOngoingOperationsoftheRooftopSolarPowerIndustryinFlorida($Thousands)
TaxesandFeesPaidBy: FederalTaxes*
StateandLocalTaxes TotalTaxes
Capital $329,054 $717 $329,771
Labor $19,829 $0 $19,829
IndirectBusinessTaxes $167,261 $2,216,772 $2,384,032
Households $356,473 $3,197 $359,670
Corporations $126,840 $37,099 $163,939
Total: $999,457 $2,257,785 $3,257,241
*IMPLANdoesnottakeintoaccountofanyFederalTaxCreditsforRooftopSolar.Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
Inconclusion,theRooftopSolarPowerIndustrynotonlygeneratessignificantqualitativeorexternalitybenefitstotheState,butalsosignificantquantifiableeconomicdevelopmentimpacts.ThesequantifiableimpactscreateemploymentopportunitiesforFloridaresidentswhileaddingtothestandardoflivingasasourceofHouseholdIncomeandclean,reliableenergygeneration.
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AppendixI:Methodology
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IMPLANModelThe multiplier impacts calculated by the IMPLAN model are based on input-outputmethodology, which explicitly considers the inter-industry linkages that exist within aneconomy.Eachindustryneedslaborandinputsfromotherindustriesinordertoproduceeconomic output. Whenever an industry experiences an increase in the demand for itsoutput, many other industries within that economy indirectly experience an increase indemand aswell because of these inter-industry linkages. This increase in demand thatresultsfromtheneedformaterialinputsiscalledtheindirecteffects.Inaddition,anincreaseinproductionwithina regionalso leads toan increase inhousehold income through thehiringofworkers,whichinturngeneratesfurtherdemandsforgoodsandserviceswithintheregion.Firmsalsoneedtoexpandtheirbaseofphysicalcapitaltomeethigherlevelsofdemand,andthistoostimulatesregionaleconomicgrowth.Thelattereffectsarereferredtoas induced effects. The inter-industry linkages and the induced effects on consumer andcapital spending lead to successive rounds of production, and this process results in anincreaseinoutputthatexceedstheinitialchangeindemand,oramultipliereffect.Similarly,theincreaseinhouseholdincomewillexceedtheinitialpayrollincreaseencounteredintheindustrythatexperiencedtheoriginalincreaseindemand.Thetotalchangeinemploymentintheregionaleconomyisamultipleofthedirectchangeinemployment.
Thefollowingrepresentsthesystemofequationsthatcomprisetheregionaleconomyinanextendedinput-outputmodellikeIMPLAN:
Thevariablesx1toxkrepresenttotalproductionofoutputineachindustry.Thecoefficientsaijrepresentthepurchasesfromindustry“i”thatareneededtoproduceadollarofoutputinindustry“j”.Theseareknownasthedirectrequirementcoefficients.Thevariablexhrefers
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to household income and the coefficients aih refer to the average amount of householdincomespentonpurchasesfromindustry“i”,ortheaveragepropensitiestoconsume. Thecoefficients ahi are similar to the inter-industry purchases (aij’s), but they represent thehousehold income that is generated fromeachdollar of output produced in industry “i”.SimilarlythevariablexIrepresentsregionalspendingoncapitalgoods,andthecoefficientsaIjrepresentsthespendingoncapitalgoodsforeachdollarofoutputproducedinindustry“j”. ThecoefficientsajI represent theamountpurchased from industry “j” foreachdollarspent on capital goodswithin the region. The variables fj represent the exogenous finaldemandfacedbyeachindustry,respectively.
Thissystemofequationreduces,usingmatrixnotation,tothefollowingsolutionforindustryoutputandhouseholdincome:
XisthevectorofindustryoutputsplushouseholdincomeandFisavectorofexogenousfinaldemands.The“outputmultipliers”(i.e.,thechangeinindustryoutputandhouseholdincomethatresultsfromachangeinfinaldemandfortheoutputofaparticularindustry)aregiveninthecolumnsofthe(I-A)-1matrix.TheIMPLANsoftwarecalculatesthesemultipliersforcounties,statesandothersub-stateregions.Thesemultiplierscanbeusedtoprovideasenseoftheeconomicimportanceofanindustryoraneconomicactivityinagivenregion. Themultipliersimpactsforgrossstateproduct, laborandcapital incomeandthegovernmentrevenueimpactsarederivedfromthebasicoutputmultipliersgivenby(I-A)-1.
The IMPLAN model uses historical relationships between public-sector revenues andregionaleconomicoutput inordertoestimatethepublic-sectorrevenueimpactresultingfromtheestablishmentofanew,orexpansionofanexistingeconomicactivity.
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AppendixII:EconomicGlossary
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DefinitionsofEconomicTermsUsedintheAnalysis
Employment Totaloffull-timeorpart-timejobs.
Household(Labor)Income Allformsofemploymentincome,includingEmployeeCompensation(wagesandbenefits)andProprietorIncome.
GrossDomesticProduct(GDP)
Theincreasedvalueofaproductasaresultoftheeconomicinputs(laborandcapital)expendedatagivenstage.IntheIMPLANModel,GDP is the sum of: Employee Compensation, Proprietor Income,OtherPropertyTypeIncome(Interest)andIndirectBusinessTaxes.
EconomicImpact(Output) Totalvalueofalltransactionsattributedtoanactivity.
DirectEffects
The set of expenditures applied to the predictivemodel (i.e., I/Omultipliers) for impact analysis. It is a series (or single) ofproductionchangesorexpendituresmadebyproducers/consumersas a result of an activity or policy. These initial changes aredetermined by an analyst to be a result of this activity or policy.ApplyingtheseinitialchangestothemultipliersinanIMPLANmodelwillthendisplayhowtheregionwillrespond,economicallytotheseinitialchanges.
IndirectEffects
Theimpactoflocalindustriesbuyinggoodsandservicesfromotherlocal industries. The cycle of spending works its way backwardthrough the supply chain until all money leaks from the localeconomy, either through imports or by payments to value added.TheimpactsarecalculatedbyapplyingDirectEffectstotheTypeIMultipliers.
InducedEffects
Theresponsebyaneconomytoaninitialchange(directeffect)thatoccursthroughre-spendingofincomereceivedbyacomponentofvalue added. IMPLAN's default multiplier recognizes that laborincome (employee compensation and proprietor incomecomponents of value added) is not a leakage to the regionaleconomy. This money is re-circulated through the householdspendingpatternscausingfurtherlocaleconomicactivity.
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AppendixIII:DetailedEconomicImpactTables
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DetailedImpactTables
WithinthemainportionoftheStudytheeconomicimpactsarepresentedatasummarylevel.Direct,IndirectandInducedImpactsareaggregatedintotheTotalImpact,andIndustriesaresummarized by function. The following Tables present detailed impacts at the two-digitNAICSindustryclassificationlevel.
ThefollowingindustrysectorsummarizationsareusedinthisStudy:Government & Other is the sum of: Agriculture & Forestry, Mining, Utilities, CompanyManagementandGovernment&Other.
Knowledge-Based Services is the sum of: Information (IT), Finance & Insurance, RealEstate,ProfessionalBusinessServices,Administrative,EducationalServices,Health&SocialServices,Arts,Entertainment&RecreationandOtherServices.
Wholesale Trade & Transportation Services is the sum of: Wholesale Trade andTransportation&Warehousing.
TheAccommodationandFoodServicessectorwasrenamedVisitorIndustry.
TheRooftopSolarPowerIndustryEconomicImpactsTables
TableA-1.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.......................................................................................................26
TableA-2.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry......................................................................................27
TableA-3.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................28
TableA-4.TotalAnnualEconomicImpactGeneratedInFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................29
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TableA-1.TotalJobsSupportedinFloridabytheOngoingOperations
oftheRooftopSolarPowerIndustry
IndustryImpacts
Direct Indirect Induced TotalAgriculture&Forestry 0 8 90 99
Mining 0 130 5 135
Utilities 8,907 1,731 33 10,672
Construction 0 183 117 300
Manufacturing 0 93 174 267
WholesaleTrade 0 310 375 684
RetailTrade 0 263 2,444 2,707
Transportation&Warehousing 0 2,167 803 2,969
Information 0 276 250 526
Finance&Insurance 0 700 1,336 2,036
RealEstate 0 894 905 1,799
ProfessionalServices 0 2,245 777 3,022
CompanyManagement 0 204 175 379
Administrative 0 4,032 980 5,011
EducationalServices 0 19 367 386
Health&SocialServices 0 0 2,972 2,972
Arts,Entertainment&Recreation 0 150 476 626
Accommodation&FoodServices 0 794 2,053 2,847
OtherServices 0 287 1,305 1,591
Government&Other 0 1,289 146 1,435
Total: 8,907 15,775 15,783 40,462
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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TableA-2.HouseholdIncomeGeneratedinFloridabytheOngoingOperations
oftheRooftopSolarPowerIndustry($inThousands)
IndustryImpacts
Direct Indirect Induced TotalAgriculture&Forestry $0 $291 $2,676 $2,967
Mining $0 $1,659 $90 $1,749
Utilities $1,330,607 $308,550 $5,504 $1,644,660
Construction $0 $9,853 $6,167 $16,020
Manufacturing $0 $6,241 $9,784 $16,025
WholesaleTrade $0 $27,769 $34,387 $62,157
RetailTrade $0 $8,650 $81,868 $90,518
Transportation&Warehousing $0 $134,643 $27,031 $161,675
Information $0 $27,988 $23,679 $51,667
Finance&Insurance $0 $51,719 $86,046 $137,765
RealEstate $0 $22,144 $21,636 $43,780
ProfessionalServices $0 $169,323 $56,085 $225,408
CompanyManagement $0 $21,919 $18,815 $40,735
Administrative $0 $154,729 $37,871 $192,599
EducationalServices $0 $789 $14,922 $15,711
Health&SocialServices $0 $7 $180,100 $180,107
Arts,Entertainment&Recreation $0 $4,317 $14,136 $18,453
Accommodation&FoodServices $0 $21,534 $52,022 $73,556
OtherServices $0 $13,712 $49,515 $63,227
Government&Other $0 $127,718 $12,651 $140,369
Total $1,330,607 $1,113,555 $734,985 $3,179,148
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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TableA-3.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperations
oftheRooftopSolarPowerIndustry($inThousands)
IndustryImpacts
Direct Indirect Induced TotalAgriculture&Forestry $0 $446 $4,776 $5,221
Mining $0 $3,030 $279 $3,309
Utilities $6,488,398 $1,338,044 $23,119 $7,849,561
Construction $0 $18,695 $11,339 $30,034
Manufacturing $0 $12,225 $18,596 $30,821
WholesaleTrade $0 $112,115 $75,819 $187,934
RetailTrade $0 $16,905 $135,305 $152,210
Transportation&Warehousing $0 $176,424 $39,575 $215,999
Information $0 $60,873 $57,129 $118,003
Finance&Insurance $0 $70,119 $126,113 $196,232
RealEstate $0 $73,830 $331,929 $405,759
ProfessionalServices $0 $239,925 $73,967 $313,892
CompanyManagement $0 $25,437 $21,835 $47,272
Administrative $0 $204,909 $44,996 $249,905
EducationalServices $0 $1,100 $17,379 $18,479
Health&SocialServices $0 $9 $206,848 $206,857
Arts,Entertainment&Recreation $0 $6,357 $21,703 $28,060
Accommodation&FoodServices $0 $32,963 $82,148 $115,111
OtherServices $0 $18,029 $60,314 $78,342
Government&Other $0 $334,442 $21,561 $356,003
Total $6,488,398 $2,745,877 $1,374,730 $10,609,004
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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TableA-4.TotalEconomicImpactGeneratedinFloridabytheOngoingOperations
oftheRooftopSolarPowerIndustry($inThousands)
IndustryImpacts
Direct Indirect Induced Total
Agriculture&Forestry $0 $716 $8,753 $9,469
Mining $0 $44,877 $1,806 $46,683
Utilities $10,729,771 $2,543,469 $43,806 $13,317,045
Construction $0 $40,276 $24,573 $64,849
Manufacturing $0 $38,033 $59,703 $97,735
WholesaleTrade $0 $152,337 $127,359 $279,696
RetailTrade $0 $29,358 $225,889 $255,247
Transportation&Warehousing $0 $360,091 $81,714 $441,805
Information $0 $141,413 $121,365 $262,779
Finance&Insurance $0 $173,052 $331,108 $504,160
RealEstate $0 $176,113 $477,785 $653,898
ProfessionalServices $0 $401,720 $118,193 $519,913
CompanyManagement $0 $43,996 $37,766 $81,762
Administrative $0 $339,282 $80,664 $419,946
EducationalServices $0 $1,597 $25,175 $26,771
Health&SocialServices $0 $14 $346,203 $346,217
Arts,Entertainment&Recreation $0 $10,378 $36,302 $46,680
Accommodation&FoodServices $0 $55,235 $147,300 $202,535
OtherServices $0 $27,948 $92,939 $120,887
Government&Other $0 $586,275 $37,975 $624,250
Total $10,729,771 $5,166,180 $2,426,378 $18,322,327
Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)
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AppendixIV:TheWashingtonEconomicsGroup,Inc.
ProjectTeamandQualifications
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J. Antonio Villamil Founder and Senior Advisor
Tony Villamil is a nationally recognized economist, with over thirty-five years of successfulcareerasabusinesseconomist,universityeducatorandhigh-levelpolicymakerforbothfederalandstategovernments.Tonywasselectedin2008asthefoundingDeanoftheSchoolofBusinessofSt.ThomasUniversity,servingsuccessfullyuntilDecember31,2013atwhichtimeheresignedtoreturnassenioradvisortothegrowingeconomicconsultingpracticethathefounded,TheWashington Economics Group, Inc. (WEG), a Florida-based firm established in 1993 uponreturningtotheStatefromhispublicserviceinWashington,D.C.
TonyistheimmediatepastChairmanoftheGovernor’sCouncilofEconomicAdvisorsofFlorida,andduring1999-2000,hewasselectedbyGovernorBushashisfirstDirectorforTourism,TradeandEconomicDevelopment.Previously,hewasappointedbyPresidentGeorgeH.W.BushasU.S. Undersecretary of Commerce for Economic Affairs, receiving unanimous U.S. Senateconfirmation.PresentlyheisactiveonCorporateBoardofDirectors,includingPanAmericanLifeInsuranceGroup(PALIG)andSpanishBroadcastingSystem(SBS).AtPALIGheservesasChairoftheGovernanceandNominatingCommitteeoftheBoard.TonyiscurrentlyChairoftheBoardCompensationCommitteeatSBS.Herecentlycompletedasuccessful18-yeartenureatAmerantBank,N.A.andAmerantHoldingCorp.,servingasChairoftheRiskCommitteeandmostrecentlyasChairoftheAML/BSACommittee.AmerantBank,N.A.istheformerMercantilBank,N.A.andbecomeapubliccompanyin2020duringhisactiveserviceontheBoard.Among civic andprofessional leadershippositions,he is currently amemberof theBoardofDirectorsoftheMiami-DadeBeaconCouncil,theofficialeconomicdevelopmentorganizationofthecounty.HeisalsoontheBoardofDirectorsoftheGreaterMiamiChamberofCommerce.HeservesasSeniorFellowoftheJamesMadisonInstitute(JMI)ofTallahassee,Florida.
HeearnedBachelorandMasterDegrees inEconomics fromLouisianaStateUniversity(LSU),where he also completed coursework for the Ph.D. Degree. In 1991, Florida InternationalUniversity (FIU) awarded him a Doctoral Degree in Economics (hc), for “distinguishedcontributions to the Nation in the field of economics.” He frequently speaks to business,governmentanduniversityaudiencesontheFloridaeconomy,U.S.tradepolicyandeconomicdevelopmentissues.
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Jose Antonio (TJ) Villamil IV Director of Operations
JoseAntonio(TJ)VillamilservesasDirectorofOperationsofTheWashingtonEconomicsGroup, Inc. (WEG). TJ oversees the client relations, marketing and business researchfunctionsofthefirm.
PriortojoiningWEG,TJwastheManagerofSocialMediafortheKeiserUniversitySystemofFlorida.Amongotherexperiences,heservedas theUniversityofFlorida(UF)SpecialAssistanttotheUniversityPresidentfromMay2014toDecember2015.Duringhisrole,hewasalsotheassistantcorporatesecretarytotheUFBoardofTrustees.HeassistedtheUFPresidentoverseea$4.6billionbudget,50,000students,16colleges,twoacademichealthcentersandmorethan150researchcenters.Inthisrole,TJdirectedspecialprojectsandgavestrategicadvicetoPresidentBernieMachenandtheUFBoardofTrustees.TJendedhis role when Dr. Machen retired after 12 years of service to UF and returned to hishometownofMiamitojoinWEG.
TJisaprouddoublegraduatefromUF,receivinghisMastersinEntrepreneurshipfromtheHoughGraduateSchoolofBusiness,andhisundergraduatedegreeinTelecommunications– News from the College of Journalism and Communications. TJ proudly served as theStudentBodyPresidentforUFfrom2012to2013torepresentthe50,000-memberstudentbodyoftheGatorNation.Duringthatperiod,TJalsorepresentedallstudentinterestsontheUFBoardofTrusteesandontheboardsofdirectorsoftheUFAlumniAssociation,theUFFoundationandtheUniversityAthleticAssociation.
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CharlesK.YarosAssociateConsultantforEconomics
ChuckYarosisanAssociateConsultantforEconomicsatTheWashingtonEconomicsGroup,Inc. (WEG). He serves as economic consultant in the areas of financial economics andeconomic impact studies. Prior to joining WEG he was a Vice President and PortfolioStrategist at Shay Financial Services in Miami where he specialized in developing,implementing and managing interest rate risk and capital optimization strategies forfinancialinstitutions.
Mr. Yaroshasover20years of experience as a business and financial economist, havingworkedinanumberofpositionsofprogressiveresponsibilityintheSouthFloridabusinesscommunity.Additionally,hehasspokenandtaughtcoursesonfinancialriskmanagement.
ChuckreceivedhisundergraduatedegreeinEconomicswithHonorsfromTrinityCollegeandhisMaster’sdegreeinEconomicsfromDukeUniversity,wherehealsocompletedcourseworkforthePh.D.degree.ChuckandhisfamilyareresidentsofCoralGables,Florida.
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HaydeeM.CarrionSenior&ProjectResearchAssistant
HaydeeM.CarrionhasbeenExecutiveAssistanttoDr.Villamilsincethefirm’sfoundingin1993. Shehasseniorlevelexpertiseinmulti-mediapresentationsandinthepreparationanddesignofcomplexreportsanddocumentsforclients,utilizingthelatesttechnologies.
In 2012,WEG promoted her to Senior and Project Research Assistant to the firm, givenoutstandingperformanceinweb-basedresearchandinassistancetothefirm’sPrincipalinthe preparation of audio-visual presentations for clients and in desktop publishing. Ms.CarrionisfluentinSpanish,withexperienceinthepreparationofeconomicsandbusinessdocumentsinthelanguage.
Ms.CarrionhasbeenwithWEGforover25years.Ms.Carrionholdsdegrees inBusinessAdministrationandOfficeSystemTechnologiesfromMiami-DadeCollege.
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The Washington Economics Group, Inc. (WEG) has been successfully meeting clientobjectivessince1993 througheconomicconsultingservices forcorporations, institutionsandgovernmentsoftheAmericas.Wehavetheexpertise,high-levelcontacts,andbusinessalliancestostrengthenyourcompetitivepositioninginthegrowingmarketplacesofFlorida,LatinAmericaandtheCaribbean.Our roster of satisfied clients, over the past 28 years, includes corporations, financialinstitutions,publicentities,andnon-profitassociationsexpanding theiroperations in theAmericas.
EXCLUSIVECONSULTINGAPPROACH:
Each client is unique to us.We spend considerable time and effort in understanding theoperations,goals,andobjectivesofclientsastheyseekourconsultingandstrategicadvice.Wearenotamass-productionconsultingentitynordoweaccepteveryprojectthatcomestous.Weengagealimitednumberofclientseachyearthatrequirecustomizedconsultingservices inourpremierareasof specialization.Thesepremierandexclusive servicesareheadedbyFounderandSeniorAdvisorJ.Antonio(Tony)Villamil.TonyisaformerU.S.UnderSecretaryofCommercewithoverthirty-fiveyearsofexperienceasabusinessexecutiveandasaseniorpublicofficialoftheU.S.andmostrecentlyofFlorida.
PREMIERCONSULTINGSERVICES:
EconomicImpactStudieshighlighttheimportanceofaclient'sactivitiesinthegenerationofincome,outputandemploymentinthemarketareaservicedbytheentity.Thesestudiesarealsoutilizedtoanalyzetheimpactofpublicpoliciesonkeyfactorsthatmayaffectaclient'sactivitiessuchastaxchanges,zoning,environmentalpermitsandothers.
Strategic Business Development Services are customized tomeet client objectives. Recentconsultingassignmentsincludecustomizedmarketingstrategies,countryriskassessmentsforinvestmentdecisionsandcorporatespokespersonactivitiesandspeechesonbehalfoftheclientatpublicorprivatemeetings.
EconomicDevelopmentStrategies.Thefirmsupportscities,countiesandstatesindevelopingtargetedeconomicdevelopmentplansandstrategiestoattract,retainandexpandhigh-wageindustries. Each plan is based on the factor endowments of the area, and in closecoordinationwithpublicofficialsinchargeofeconomicdevelopment.
For a full description of WEG capabilities and services, please
visit our website at: www.weg.com
TheComprehensiveEconomicDevelopmentImpactsoftheRooftopSolarIndustryontheStateofFlorida
TheWashingtonEconomicsGroup,Inc.(WEG) Page|36
TheWashingtonEconomicsGroup,Inc.RepresentativeClientList1993-2021
MultinationalCorporationsALSTOMAmeritechInternationalBureauVeritas(BIVAC)CarrierCarnivalCorp.EssoInter-AmericaFedExLatinAmericaGentingGroupHyattIBMJosephE.Seagram&Sons,Inc.(Vivendi)KPMG
LockheedMartinLucentTechnologiesMasterCardInternationalMediaOne/AT&TMedtronicMerckLatinAmericaMicrosoftLatinAmericaMotorolaPhelpsDodgeSBCCommunicationsTelefonicaDataSystemsVisaInternational
ConstructionandRealEstateDevelopmentFirmsAreasUSA,Inc.BarronCollierCompaniesBerkowitzDevelopmentGroupBocaDevelopersCDSInternationalCenturyHomebuildersCodinaRealtyChateauGroupEmpireWorldTowers,LLCESJCapitalPartnersFerroInvestmentGroup,LLCFlaglerDevelopmentFloridaEastCoastRealtyInc.FloridaRealtors
InlandPortSystems,LLCLandstarDevelopmentLXRLuxuryResortsMiamiAssetManagementCompany,Inc.Miapolis,LLCOdebrechtConstruction,Inc.PalazzoLasOlasGroup,LLCTateCapitalTheAllenMorrisCompanyTheRelatedGroup,Inc.TheRouseCompanyTheSt.JoeCompanyTrammelCrowCompanyWCIDevelopmentCompanies
Engineering,PlanningandDesignFirmsAECOM(DMJMHarris)Atkins(PBSJ)CDMSmith(WilburSmithAssociates)GolderAssociates
HNTBKimley-HornandAssociatesParsonsBrincherhoffRedevelopmentManagementAssociates(RMA)
CollegesandUniversitiesAlabamaStateUniversityBarryUniversityEckerdCollegeEmbry-RiddleAeronauticalUniversityFloridaAgricultural&MechanicalUniversityFloridaInternationalUniversityFullSailUniversityKeiserUniversityLosAngelesFilmSchoolMiami-DadeCollegePalmBeachMedicalEducationCorporation
RockyMountainCollegeofArtandDesignSanIgnacioCollegeSistemaUniversitarioAnaG.MéndezSt.ThomasUniversityUniversityofCentralFloridaUniversidadPolitécnicadePuertoRicoUniversityofFloridaUniversityofMiamiUM’sRosenstielSchoolofMarineandAtmosphericScienceUniversityofSouthFlorida/ENLACEUniversityofSouthFlorida
LawFirmsBecker&PoliakoffBilzinSumbergCarltonFieldsColsonHicksEidsonDLAPiperDunbar&Dunbar
GloriaRoaBodin,Esq.GreenbergTraurig,LLPHolland&Knight,LLPSteelHector&DavisTewCardenas,LLP
FinancialInstitutions
ABN-AMROBankAdvantageCapitalAMERANT(formerMercantilBankN.A.Allen&CompanyBNPParibasBACFloridaBankAtlanticCorp.BankUnited,FSBBarclaysBankCenturyBankESJCapitalPartnersEspiritoSantoBankFBA
FIBAFiduciaryTrustInternationalFirstUnionNationalBank(WellsFargo)HemisphereNationalBankHSBC/MarineMidlandInternationalBankofMiami(FirstUnitedBank)LazardFreres&Co.PanAmericanLifeInsuranceGroup(PALIG)PointeBank,N.A.SeitlinInsuranceSunTrustCorporationTheEquitable/AXAAdvisorsTDBank,N.A.UnionPlantersBankofFlorida(Regions)
TheComprehensiveEconomicDevelopmentImpactsoftheRooftopSolarIndustryontheStateofFlorida
TheWashingtonEconomicsGroup,Inc.(WEG) Page|37
Florida-BasedCompaniesAllAboardFloridaAmericanAirlinesArenaAtlanticSapphireBMICompaniesCommunikatzCoreMessagesDaytonaInternationalSpeedwayDosalTobaccoDriversClubMiamiFarmStoresFishkind&AssociatesFloridaHospitalFloridaMarlinsFloridaPower&LightFlo-SunSugarCorp.GreaterMiamiConvention&VisitorsBureauGreaterFt.LauderdaleAllianceHomestead-MiamiSpeedway
IberiaTilesInternationalSpeedwayCorporation(ISC)JungleIslandLakeNonaMercyHospitalMiamiDolphinsNopetroLLCPalmBeachPremierResortsWorldMiami(RWM)RonSachsCommunicationsRollingLoudSprintofFloridaeMergeAmericasTheBiltmoreHotelTheHeatGroupUltimateSoftwareUltraMusicFestivalVICTUS
Non-Florida-BasedInstitutionsDarlingtonRacewayGeorgiaRetailFederationIllinoisRetailMerchantAssociationIndianaRetailCouncilKansasSpeedwayMartinsvilleSpeedwayNewJerseyMotorsportsPark(NJMP)ProgressEnergy
RichmondInternationalRacewayTalladegaSuperspeedwayTheSeedFoundationUnitedStatesTennisAssociation(USTA)VirginiaInternationalRacewayWashingtonRetailAssociationWatkinsGlenInternational
PublicInstitutionsandNon-ProfitOrganizationsBaptistHealthSouthFloridaBayCareHealthSystemBrowardCountyPublicSchoolsCareerSourceNorthCentralFloridaChapmanPartnershipCitizensofCleanEnergyCityofBocaRatonCityofCoralGablesCityofDoralCityofPlantationCityofWestPalmBeachConservativesforCleanEnergyEconomicDevelopmentCommissionofCollierCountyEconomicDevelopmentCommissionofLeeCountyEconomicDevelopmentCommissionofMid-FloridaEnterpriseFlorida,Inc.FarmShare,Inc.FloridaBankersAssociationFloridaCitrusMutualFloridaChamberofCommerceFloridaInternationalBankersAssociationFloridaInstituteforCommercializationofPublicResearchFloridaLeagueofCitiesFloridaNursingHomesAllianceFloridaOutdoorAdvertisingAssociationFloridaPortsCouncilFloridaRetailAssociationFloridaSportsFoundationFloridaVentureForumFriendsofMiamiMarineStadiumGreaterTampaChamberofCommerceGreaterTallahasseeChamberofCommerce
IndependentCollegesandUniversitiesofFlorida(ICUF)IndianRiverCountyChamberofCommerceInter-AmericanDevelopmentBankJacksonHealthSystemsJacksonvilleChamberofCommerceJewishCommunityServicesLakelandRegionalLouisianaCommitteeforEconomicDevelopmentMiamiMarineStadiumMiamiMuseumofScienceMiami-DadeCountyPublicSchoolsMiami-DadeExpresswayAuthorityMiamiDowntownDevelopmentAuthorityPalmBeachInternationalAgriculturalSummitPortofMiamiSEIUFloridaSouthFloridaProgressFoundationSpaceFloridaSt.Mary’sMedicalCenterStateofFloridaSWFloridaRegionalChamberofCommerceSylvesterComprehensiveCancerCenterTampa-HillsboroughExpresswayAuthorityTampaGeneralTheBeaconCouncilTheFloridaBarTheFloridaChamberFoundationTheFloridaCoalitionforCapitalUnitedNationsEconomicDevelopmentProgramUnitedTeachersofDadeVisitFloridaZoologicalSocietyofFlorida
LatinAmerica-BasedInstitutionsAllied-Domecq,MexicoAssociationofPeruvianBanksFederationofInter-AmericanFinancialInstitutions(FIBAFIN)FonalledasEnterprises,PuertoRico
MercantilServiciosFinancieros,VenezuelaPeruvianManagementInstitute(IPAE)TheBrunettaGroupofArgentina