Terance J. Rephann
April 5, 2010
Reports
This study computes the economic impacts of expenditures on agricultural Best Management Practices (BMP) needed to achieve goals outlined in the 2005 Commonwealth of Virginia Chesapeake Bay Nutrient and Sediment Reduction Strategy. Based on implementation costs described in the Strategy that have been adjusted for inflation and revised implementation levels, it is estimated that $804 million (in 2010 dollars) would be needed to reach agricultural BMP goals over a five-year period. If full implementation of agricultural BMPs outlined in the 2005 Strategy were achieved, $940 million in total industrial output in terms of 2010 dollars would result. In terms of gross domestic product, the most common measure of economic activity an economic impact of $455 million would be realized. Lastly, 11,751 person-years of employment would be created.
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