One job at the construction site during the construction phase creates five new jobs outside the site - Fennovoima’s billion investment creates growth in Finnish economy

Fennovoima’s Hanhikivi 1 nuclear power plant project has substantial effects on employment.

It provides hundreds of millions worth of new investments and has a positive effect on the entire economy.

The construction of the power plant and the infrastructure will generate 210–400 million euros worth of new investments through the multiplier effect.

Information is stated in a study mapping out the impacts of Hanhikivi 1 nuclear power plant project on the regional economy and employment. It was published today, 11th of April.

Substantial effects on employment

During the most intensive construction phase of the power plant, approximately 4,000 employees will be working at the site. Operational plant will employ 450–500 people.

The employment impact of the construction project increases to 17,400–26,000 man-years. One job at the construction site during the construction phase creates 5–5.5 new jobs outside the site. Respectively, one job at the operational power plant will create 5.2–6.2 new jobs outside the power plant.

During its lifetime, Hanhikivi 1 will benefit the Finnish national economy also through tax revenues, which will increase by approximately 420–630 million euros during the construction phase.  The taxes to be paid during the operational phase will amount to about 49 million euros annually, taking the multiplier effects into account.

The findings will help the region’s companies to prepare for the future

According to Juha Miikkulainen, Development Manager at Fennovoima, the study provides information that can be utilized by businesses in the region.

- The study helps companies in planning for the future as well as in directing and timing their R&D investments, Miikkulainen states.

The study is a part of a report carried out for the Council of Oulu Region and Raahe District Business Services. It provides a general view on the use of natural resources in Northern Ostrobothnia and estimates the impacts of case projects chosen from the energy field on regional economy.

The findings are based on a resource flow model co-developed by Ramboll Oy and Natural Resources Institute Finland. They also conducted the study. The model makes it possible to estimate the direct effects different resources have on business, as well as on the multiplier effects created through production and consumption. The study was funded by the European Regional Development Fund.

Hanhikivi 1 is a 6.5–7 billion-euro investment. The domestic share of the investment is approximately 1.8–2.7 billion euros.

You can find the study in its entirety on the webpage: https://www.pohjois-pohjanmaa.fi/pparvi

Dowload the infograph of the study from here (pdf)

 

Additional information:

Juha Miikkulainen, Development Manager at Fennovoima, tel. +358 (0)20 757 8417
Joonas Hokkanen, Senior Consultant at Ramboll Finland Oy, tel. +358 (0)40 035 5260