VOORHEES, N.J.--(BUSINESS WIRE)--With water infrastructure capital needs growing rapidly, in 2016 American Water (NYSE: AWK) invested about $1.5 billion, the highest in the company’s history, $1.3 billion of that investment was dedicated towards regulated systems to improve service reliability and water quality for customers. Now, according to a recent study commissioned the Value of Water Campaign (VoW), there is confirmation that these investments have a direct economic impact, and prompt the creation of high-quality jobs.
“Investing in our water infrastructure is essential to the future growth of our country. It not only ensures the public has access to clean, safe, reliable water, but also creates jobs and provides for continued economic prosperity,” said Walter Lynch, chief operating officer of American Water.
The VoW report released today provides a framework for understanding the economic impact of how investments in our nation’s water infrastructure affect economic growth and employment. The report, “The Economic Benefits of Investing in Water Infrastructure,” was shared at a briefing on Capitol Hill, and coincides with World Water Day and Water Week, global and national efforts to draw attention to the need to invest in water infrastructure.
American Water plans to invest more than $6 billion over the next five years. Per the Water Research Foundation, $1 billion invested in water infrastructure creates approximately 16,000 jobs, meaning that $6 billion invested would mean 96,000 new jobs in the communities American Water serves nationally.
“Investments in our infrastructure prove their value every day. From projects to replace water mains, pipelines, and hydrants, and the installation of advanced metering technology to help reduce water leaks, to enhanced treatment capabilities improving efficiency and reliability, the investments we’ve made ensure that we are well positioned to continue to meet customer needs in the communities that rely on us," said Lynch. "American Water has proactively invested in needed system improvements, and it is reassuring to see the research that supports the return on economic investment.”
Radhika Fox, Executive Director of the Value of Water Campaign said, “The report findings make it clear that investments in water infrastructure generate high quality jobs, increases the competitiveness of American businesses, and leads to a significant injection of economic activity throughout the nation.”
The Value of Water Campaign educates and inspires the nation about how water is essential, invaluable, and in need of investment. Spearheaded by top leaders in the water industry, the Value of Water Campaign is building public and political will for investment in America's water infrastructure.
American Water is a supporter of the Value of Water Campaign. Read the full report here.
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 15 million people in 47 states and Ontario, Canada. More information can be found by visiting amwater.com.