Economic ?>

Economic

dollar-questionLandowners face:

Decreased property values

Difficulty selling or re-financing

Massive construction damage

Pay taxes on land with restricted use

  • Miles of Proposed Pipeline: 36.1
  • Parcels touched by ROW: 230
  • Parcels in the 1.4 mile wide evacuation zone: 2,767
  • Residents and housing units in the evacuation zone: 7231 people and 307 homes (includes vacation homes whose owners would be counted in the county of their primary residence)
  • Parcels from which the pipeline would be visible: 19273, or 42% of all parcels in Franklin County
  • Baseline property value at risk (and expected onetime cost due to the MVP):
    • In the ROW: $50.9 million ($2.1 to $6.6 million)
    • In the evacuation zone: $390.1 million ($14.9 million)
    • In the view shed: $3.7 billion (to avoid double counting with lost aesthetic value under ecosystem services, this effect is not separately estimated)
  • Total property value effect lost: $17.0 to $21.5 million
  • Resulting loss in property tax revenue (annual): $79,900 to $101,000
  • Lost ecosystem service value, such as for water and air purification, recreational benefits, and others:
    • Over the two year construction period: between $5.1 and $18.4 (a onetime cost)
      Annually for the life of the MVP: between $929,100 and $3.4 million
    • Lost economic development opportunities due to the erosion of Franklin County’s comparative advantages as an attractive place to visit, reside, and do business. Under the scenarios described below, these could include:
      • Annual loss of recreation tourism expenditures of $8.7 million that supports 118 jobs and $1.9 million in payroll, and generates $344,500 in state and $264,400 in local taxes
      • Annual loss of personal income of $3.9 million due to slower growth in the number of retirees
      • A loss of $125,000 in personal income due to slower growth in sole proprietorships
        Onetime costs (property value and ecosystem services during construction) would total between $22.1 and $39.8 million
      • Annual costs (all other costs above) would range from $22.6 to $25.0 million

LEARN MORE ABOUT THE ECONOMIC DAMAGE TO OUR COMMUNITY

The links below contain detailed information on the permanent, irreversible economic damage the MVP would inflict on Franklin County.

Franklin County and the Mountain Valley Pipeline: What’s at Risk (Executive Summary)

Economic Costs of the Mountain Valley Pipeline: Effects on Property Values, Ecosystem Services, and Economic Development in Virginia and West Virginia (Full Report)