Study Finds EPA Regulations will harm economic growth.
Press Release Summary:
November 29, 2012 - As released by NAM, A Critical Review of the Benefits and Costs of EPA Regulations on the U.S. Economy finds 6 major Environmental Protection Agency (EPA) regulations will cost manufacturers hundreds of billions of dollars and cause loss of several million jobs. Study also finds those regulations will produce negative net benefits to society. NAM President and CEO Jay Timmons said "layer upon layer of regulations...weighing down manufacturers will produce "A devastating ripple effect."
Original Press Release
Manufacturers: EPA Regulations Will Severely Harm Economic Growth
Press release date: November 28, 2012
New Report Details the Significant Economic Impact of Questionable EPA Regulations
Washington, D.C. – The National Association of Manufacturers (NAM) today released a new study, A Critical Review of the Benefits and Costs of EPA Regulations on the U.S. Economy, which finds six major Environmental Protection Agency (EPA) regulations will cost manufacturers hundreds of billions of dollars and cause the loss of several million jobs. The study, conducted by ndp|consulting, also finds these regulations will produce negative net benefits to society.
“This study clearly illustrates the layer upon layer of regulations that are weighing down manufacturers’ ability to help lead our country’s economic recovery,” said NAM President and CEO Jay Timmons. “If we don’t return to a more sensible regulatory process, then manufacturers will face even higher energy prices, skyrocketing compliance costs, less investment opportunities and significantly fewer jobs. A devastating ripple effect will be felt throughout our entire economy, causing some manufacturers to close their doors for good.”
The study examines the cumulative impact of the EPA’s final Utility MACT and Boiler MACT rules, its still-pending Coal Combustion Residuals and Cooling Water Intake Structures regulations, and its expected Cross-State Air Pollution Rule and National Ambient Air Quality Standards for Ozone on the U.S. economy.
Key findings of the report include the following:
The annual compliance costs for all six regulations range from $36 billion to $111.2 billion (by EPA estimates) and from $63.2 billion to $138.2 billion (by industry estimates).
The total capital expenditures for all six regulations range from $174.6 billion to $539.3 billion (by EPA estimates) and from $404.5 billion to $884.5 billion (by industry estimates).
“In the past 30 years, more than 2,000 regulations have been imposed on manufacturers,” added Timmons. “It is already 20 percent more expensive to manufacture in the United States compared to our largest trading partners, and more regulations from Washington are only digging the hole deeper. As policymakers make critical decisions on the fiscal cliff and the challenges facing manufacturers, it’s important they understand the enormous impact of existing and pending regulations on manufacturers’ ability to grow and create jobs.”
Please click on the links for the complete study and for information on how these regulations impact each state.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.