A study released by the Southeast Nuclear Advisory Council and conducted by E4 Carolinas details how the Southeastern United States is a pivotal region in the global nuclear industry.
The study presents a comprehensive analysis of the economic impacts of the nuclear energy sector in the five-state region consisting of Georgia, North Carolina, South Carolina, Tennessee, and Virginia.
Funded by a grant from the U.S. Department of Commerce, Economic Development Administration (EDA Award 04-69-07656), the study represents a collaboration between industry leaders, educational institutions, and energy nonprofits.
“It serves as a baseline for understanding the benefits of nuclear power and its integral role in regional economic growth and the global clean energy transition,” a news release related to the study said.
The study found that the nuclear energy industry in the Southeast, encompassing Georgia, North Carolina, South Carolina, Tennessee, and Virginia, generates an annual economic impact of $42.9 billion, supporting 152,598 jobs and generating $13.7 billion in labor income.
Also, the nuclear sector significantly contributes to state and local economies, with $3.7 billion in annual tax revenues across the five-state region.
Other findings are:
- The average employment multiplier effect across the five-state region is 2.8, meaning for every ten jobs directly created by the nuclear industry, an additional 18 jobs are generated elsewhere. The nuclear industry’s employment multiplier effect is significantly higher than the average industry in these states.
- The average wage in the nuclear industry outpaces regional averages by 65.5%, with an average wage of $89,972 across the five-state region, underscoring the sector's role in providing high-quality employment opportunities.
- The study highlights nuclear power plants' preference for sourcing a significant portion of their raw materials from local vendors. This practice amplifies the economic impact of nuclear power plants, surpassing similar-sized firms in other sectors through enhanced local spending activity.
The study also reveals that nuclear power is a major component of the clean energy landscape in the U.S., especially in the Southeast, where it constitutes 37% of utility-scale net electricity generation in the region, compared to the national average of 19%.
The region hosts 25 of the nation’s 93 operational nuclear reactors and has a comprehensive network of companies, research universities, and national labs supporting the industry, including community colleges and educational programs that contribute to a skilled workforce for the nuclear industry.
As part of its recommendations and conclusions, the study underscores the need for states to establish economic development plans centered around nuclear power, emphasizing that the southeastern U.S. is uniquely positioned to capitalize on emerging technologies and opportunities in the nuclear sector.
The study also encourages a broader perspective on achieving clean energy goals, suggesting greater consideration of nuclear energy and advocating for its inclusion in clean energy standards and policy discussions.
The Southeast Nuclear Advisory Council is an advisory council created to support the advanced nuclear technology research and planning grant received by E4 Carolinas in 2021 from the U.S. Economic Development Administration covering five states in the Southeast U.S. (Georgia, North Carolina, South Carolina, Tennessee & Virginia).
E4 Carolinas is the trade association for Carolina energy companies and organizations.
