“Our analysis shows the Hermosa Project will have a significant economic impact on Arizona and the three-county area, extending through 2049,” said Lee McPheters, ASU W.P. Carey School of Business professor and researcher.
Arizona Mining Inc., recently announced the results of an economic impact study about its Hermosa Project near Patagonia, Ariz.
The study, which was conducted by the L. William Seidman Research Institute and Arizona State University's W.P. Carey School of Business, provides an analysis of the project's impact on Arizona overall, as well as Cochise, Pima and Santa Cruz counties, AZ Big Media reported.
What the Study Found
Key findings about the Hermosa Project's impact include the following:
- During its life span of 2017 to 2049, the project will bring forth an annual increase of $676.1 million to Arizona's GDP, on average.
- The project will create an average of 451 jobs during its life span, with peak employment expected to reach 525.
- The project will also support about 3,225 additional jobs, on average, for state residents. Most of these jobs will be “in private, non-farm sectors,” AZ Big Media reported.
- During the project's combined construction and production time, the impact on the state's economy will include $21.6 billion in GDP, $8.5 billion in disposable income for residents and $860 million in revenues to the state's government, AZ Big Media reported.
“Our analysis shows the Hermosa Project will have a significant economic impact on Arizona and the three-county area, extending through 2049,” said Lee McPheters, ASU W.P. Carey School of Business professor and researcher. “The Hermosa Project will add to the state's Gross Domestic Product, support new jobs, increase incomes and contribute to revenues at the state and local level.”
Officials throughout the state, including Gov. Doug Ducey, the Arizona Commerce Authority, local chambers of commerce, city officials and more, have voiced their support for the Hermosa Project, AZ Big Media reported.
“We are pleased to see this important industry resurging in southeastern Arizona,” said Gov. Doug Ducey. “Mining is an important part of Arizona's history. The Hermosa Project is projected to employ more than 400 workers while supporting thousands of additional jobs. The vast majority of these jobs will demand an increasingly skilled, educated workforce, with ample opportunities for today's students to learn, work and live right here in Arizona.”
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