The Economic Contribution of the Construction of a Statewide Network of Fast Charging Electric Vehicle Stations in Minnesota

Project summary:

Electric vehicle adoption is increasing in the United States. In the first half of 2017, the number of electric vehicles sold increased 40 percent compared to 2016. Market share increased to 1.07 percent. If treated as one model, the number of electric vehicles would have together been the 24th highest selling vehicle. Increased adoption of electric vehicles will affect the economy, and in this research, Extension is exploring two ways in which this will happen. First, adoption of electric vehicles by consumers can lead to economic shifts. Extension is exploring the economic changes associated with a single, representative household trading an average vehicle for an electric vehicle. Extension is also defining and scoping out the considerations for doing this analysis at a larger scale. Second, adoption of electric vehicles relies, in part, on the availability of electric charging stations. Construction of a network of fast charging stations would generate economic activity in the state during the construction phase. Extension is quantifying the economic contribution of the construction activity.