Multiple benefits of renovation in buildings - PU Europe
Multiple benefits of renovation in buildings - PU Europe
Multiple benefits of renovation in buildings - PU Europe
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<strong>Multiple</strong> <strong>benefits</strong> <strong>of</strong> <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> energy<br />
efficient <strong>renovation</strong> <strong>of</strong> build<strong>in</strong>gs<br />
Table A.26 Gross value added per employee<br />
Low estimate<br />
Average estimate<br />
High estimate<br />
Note:<br />
Gross value added per employee (EUR)<br />
46,110<br />
49,476<br />
55,740<br />
- Low estimate: the lowest GVA value correspond<strong>in</strong>g to plumb<strong>in</strong>g, heat and air condition<strong>in</strong>g <strong>in</strong>stallations<br />
- Average estimate: an average <strong>of</strong> all sectors <strong>in</strong> Table A.25, except Total manufactur<strong>in</strong>g<br />
- High estimate: the GVA <strong>in</strong> the sector Construction <strong>of</strong> build<strong>in</strong>gs<br />
Source: Copenhagen Economics, based on Eurostat, structural bus<strong>in</strong>ess statistics [sbs_na_con_r2]<br />
By <strong>in</strong>vest<strong>in</strong>g a hypothetical €1 billion <strong>in</strong> energy efficiency <strong>in</strong>vestments, the expected direct<br />
impact on GDP ranges from app. €0.88 -1.06 billion, cf. Table A.27.<br />
Table A.27 Direct impact on GDP<br />
Size <strong>of</strong><br />
<strong>in</strong>vestment<br />
(€ billion)<br />
Gross jobs created<br />
Impact on GDP - low<br />
estimate (bn EUR)<br />
Impact on<br />
GDP - average<br />
estimate<br />
(bn<br />
EUR)<br />
1 0.019 0.88 0.94 1.06<br />
Source: Copenhagen Economics<br />
Impact on<br />
GDP - high<br />
estimate (bn<br />
EUR)<br />
We now turn to the <strong>in</strong>direct effects:<br />
Indirect impact on GDP<br />
The direct effect on GDP will have a relatively immediate impact. In the year follow<strong>in</strong>g the<br />
<strong>in</strong>creased <strong>in</strong>vestment, the <strong>in</strong>direct effects from <strong>in</strong>creased household consumption and the<br />
impact on other sectors kicks <strong>in</strong>. As <strong>in</strong>flationary pressure starts to grow, the positive<br />
stimulat<strong>in</strong>g impact from the <strong>in</strong>creased <strong>in</strong>vestment will gradually crowd out other uses <strong>of</strong><br />
the same resources. By the 6 th year after the <strong>in</strong>itial stimulus the effect will be completely<br />
crowded out, cf. Figure A.7.<br />
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