Florida NGV Coalition Releases Economic Report
On Thursday, the Florida Natural Gas Vehicle Coalition (FNGVC) announced that the state’s recently created NGV incentive program produced 1,820 jobs and $68 million in wages in the state. Economist Hank Fishkind of Fishkind & Associates supplied the figures for this follow- up analysis of a 2012 report his firm conducted for the coalition. Prior to the legislation, there were 18 CNG stations in Florida. There are now 61 active CNG fueling stations with an additional 29 planned. The report notes that a CNG station in the state costs on average $1.5 million; meaning investment in CNG station infrastructure has been $91.5 million over the past two years. Since January 1, 2014, the State of Florida has spent $4.7 million in rebates issued under the Natural Gas Fuel Fleet Vehicle Rebate program. Using the RIMS II multipliers established by the U.S. Bureau of Economic Analysis, the state’s $4.7 million investment has generated a total economic output of $204.5 million, 1,820 jobs, and $68.0 million in earnings. “It is exciting to see the Florida Natural Fuel Gas Vehicle Rebate program working so well,” said State Rep. Lake Ray. “We have Champion Brands, UPS, Raven Trucking, taxis, a seafood wholesaler, local government, and the Jacksonville Transit Authority making the move.” The Fishkind and Associates study can be found on the coalition website along with a list of members and participants (www.fuelforjobs.com).