Con Edison’s influence extends far beyond your light switch, according to a newly released economic impact study. The utility giant commissioned HR&A Advisors for an updated analysis for 2023 that illuminates their role as major economic drivers in the region.
The findings reveal insights into these 3 categories:
● Creating jobs and supporting local businesses
● Contributing significantly to local and state tax revenues
● Driving equity in the energy sector
The report breaks down the numbers to show how Con Edison company of New York (CECONY) is helping to power not just homes, but the shared economic future of the regions it serves.
Economic Impact:
CECONY generates $22.6 billion in total economic output — equivalent to 1% of New York State’s GDP. This represents a 20% increase since 2021. The company supports 38,600 jobs, accounting for 1 in every 325 jobs in the state.
CECONY’s commitment to local businesses is reflected in its $1.8 billion in contracts with New York State and City businesses, including $554 million with minority/women-owned businesses and small enterprises.
Fiscal Contributions:
CECONY contributed $4.4 billion in taxes and fees in New York State, with $3.3 billion going to New York City — representing 4% of the city’s tax revenue.
Notably, $2.4 billion in property taxes alone accounts for 8% of NYC’s total property tax collection. CECONY’s fiscal contributions to the City could cover the budget of almost any City agency, including Health + Hospitals, Sanitation, or the Fire Department.
Employment:
Eighty percent of CECONY’s workforce resides in New York State. Since 2021, CECONY has hired nearly 1,100 new employees, primarily New York State residents.
Employee satisfaction is reflected in an average employee tenure more than double the industry average.
Equity and Community Support:
The utility’s commitment to equity is evident in its support for disadvantaged communities. CECONY invested $658 million in clean energy and electric infrastructure improvements in disadvantaged communities, representing 41% of its total program spending. The company provides rate discounts to 477,000 low-income customers and has graduated over 900 professionals from its workforce development programs since 2020.
Reliability:
CECONY’s customers experience nine times fewer electricity interruptions compared to national averages. The company serves more than 9 million people, underlining the critical nature of its reliable service.
Workforce Diversity:
CECONY’s workforce reflects its commitment to diversity, with 59% of employees identifying as people of color and 23% as female. The company’s union representation at 57% is 2.7 times the industry average, supporting 7,700 union jobs.
Future Investments:
Looking ahead, CECONY continues to invest in the future. The company has allocated over $34 million in energy efficiency incentives for low-and moderate-income households and expects to train over 1,200 individuals from disadvantaged neighborhoods in clean energy and technology over the next three years.
Conclusion:
“As the impact study reveals, through investments that enhance economic stability and quality of life for millions of New York families, Con Edison is helping to build a brighter, more equitable, clean energy future,” says Kate Wittels, Partner at HR&A Advisors.
Indeed, as New York faces ongoing economic challenges and the pressing need for a clean energy transition, CECONY’s role becomes increasingly vital. “By supporting local businesses, driving job creation, and championing clean energy initiatives and environmental justice, Con Edison’s impact will continue to grow.”
See the report here.
