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There is variation across chain scales (from luxury to economy), but we found the strongest relationship between changes in revenue per available room (RevPAR) and the unemployment rate.
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On the hotel front, we analyzed the long-term historical relationship between industry performance and economic data. The more conservative A1 projects a delay in GDP recovery until 2023. A3 projects GDP recovery as early as 2021. Please email us at: recent survey of 2,000 global business executives found that scenarios A3 and A1 are seen as most likely. If you would like information about this content we will be happy to work with you. Its transmission system will connect to the electric grid on Long Island, making it the state’s first offshore wind farm and jumpstarting the offshore wind industry there.We strive to provide individuals with disabilities equal access to our website.
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It’s expected to provide roughly 130 megawatts, enough power for about 70,000 homes, when it begins operations, which is currently expected at the end of 2023. The South Fork Wind project will be about 19 miles southeast of Block Island and 35 miles east of Montauk Point, at the eastern tip of New York’s Long Island. The Interior Department said it consulted with commercial fisheries and other stakeholders before moving forward with the upcoming lease sale, resulting in a 72% reduction in the size of the proposed lease area off the coast of New York and New Jersey. A group representing fishing associations and companies, Responsible Offshore Development Alliance, has said the Biden administration has been moving forward on such projects at a staggering pace with insufficient environmental reviews or public comment. Some commercial fishing groups have complained that wind projects off the East Coast could interfere with efforts to catch seafood species such as scallops, clams and sea bass. Orsted acquired the developer, Rhode Island-based Deepwater Wind, and now operates that wind farm. But at five turbines, it’s not commercial scale.
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offshore wind farm opened off Rhode Island’s Block Island in late 2016. technology to this industry, and hopefully be able to export that in the relatively near term.”Įversource President and CEO Joe Nolan said the introduction of the offshore wind supply chain in the United States will create jobs, revitalize dormant ports and displace fossil fuels by providing a clean, carbon-free energy source. We may be behind for awhile on the volume, but we can bring U.S. “And I like to say that we don’t plan to play catch up for long. “We’re jumping in and leveraging what they’ve started,” he said. The offshore wind industry is far more advanced in Europe, where the first offshore wind farm opened in 1991, Hardy added.
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“So there are still a lot of unknowns and a lot of risk, quite frankly, to getting this started and getting it right and in achieving the full opportunities of the industry.” “There’s a lot of activity, at the same time it’s still a nascent industry,” Hardy said Tuesday. The auction is for nearly 500,000 acres off the coast of New York and New Jersey for wind energy projects that could produce enough electricity to power nearly 2 million homes.