Economic Contribution

During FY 2022, the activities related to Outer Continental Shelf (OCS) energy development resulted in significant economic contribution. OCS oil and gas generated $6.5 billion in direct government revenue and offshore wind resulted in $4.6 billion in government revenue.  In addition, industry undertook different planning, permitting, and development activities resulting in industry spending. These activities resulted in approximately:  

  • 287,000 jobs (including both full-time and part-time employment)  
  • $21.5 billion in labor income  
  • $35.5 billion in value added1 (contribution to Gross Domestic Product)  
  • $67.6 billion in economic output2  

During FY 2022, the OCS oil and gas industry supported approximately:   

  • 246,000 jobs (including both full-time and part-time employment)  
  • $18.02 billion in labor income  
  • $30.17 billion in value added (contribution to Gross Domestic Product)  
  • $58.11 billion in economic output  

Cumulative Impacts Model and Lifecycle Impacts Model for Assessing Economic and Fiscal Impacts of Offshore Oil and Gas Activities

During FY 2022, BOEM estimates that the OCS offshore wind industry supported approximately:  

  • 41,000 jobs (including both full-time and part-time employment)  
  • $3.5 billion in labor income  
  • $5.3 billion in value added (contribution to Gross Domestic Product)  
  • $9.5 billion in economic output  

FY 2022 was a record-setting year for the U.S. offshore wind industry. Two lease sales were held - one for New York Bight leases ($4.370 billion in revenue) and the other for Carolina Long Bay leases ($262.5 million in revenue).  The New York Bight lease sale was the highest-grossing domestic sale to date and sold more than a combined 488,000 acres.  

The remaining economic impact was calculated by considering the planning, site characterization, and construction activities associated with OCS wind energy projects that were under development in FY 2022.