The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group
The Balmoral Group provides practical, professional and precise Economics, Data Analytics, and Engineering Consulting services and is part of a globally integrated team.
Happy Friday!
Greetings again from the Seattle Office, and happy (almost) St. Patrick's Day! This holiday, celebrating St. Patrick, and Irish culture in general, goes back quite a long ways- Boston held it's first St. Patrick's day parade in 1737, with New York having it's first parade for the holiday in 1762! Many people will be celebrating this upcoming Monday: in fact, according to Statista, in 2024 approximately 68% of Americans celebrated St. Paddy's - we hope you're one of the many who finds the time to get out there and celebrate! And don't forget to wear green so nobody pinches you!
This week, our president and principal economist Valerie Seidel spoke at the 2025 Virginia Department of Transportation’s Cost Estimation Summit this week in Harrisonburg, Virginia. Valerie presented an update on Economic & Market Considerations for Virginia Infrastructure Cost Estimators, focusing on recent market volatility and impacts from potential changes in trade and other U.S. policies. Discussions on leading practices and approaches for project cost estimating continues to be vital in order to ensure U.S. infrastructure demand is met over the next few years without breaking the bank.
In this edition, we bring you articles on Washington Carbon Market prices, Florida's aquaculture, AI Mining methods, and more! Our data visualization for this week identifies how employment in construction may see gaps in the coming years.
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Have a great weekend!
Florida’s Aquaculture Economy
A recent article by Florida Trend analyzed Florida's aquaculture industry impact on the state's economy. The industry generates over $165 million in annual sales and supporting jobs in rural and coastal areas in the state. It encompasses roughly 1,500 varieties, including food fish, bait fish, mollusks, aquatic plants, alligators, turtles, crustaceans, amphibians, caviar, and ornamental fish. Notably, ornamental fish farming is prominent, with Florida producing 95% of the United States' ornamental fish, generating over $57 million in 2023. Additionally, the demand for farmed seafood has risen due to declining wild-caught sources, leading to a 550% increase in food fish sales from $4 million in 2018 to $26 million in 2023. Read more here – Florida Trend.
Columbia River Treaty Negotiations Paused
The United States has paused negotiations with Canada over the Columbia River Treaty, which governs flood control, hydropower, and water sharing. Talks had been progressing, with an in-principle deal reached last year, but recent trade tensions and comments from President Trump, who calls the treaty unfair to the U.S., have stalled progress. The treaty, in place since 1964, requires Canada to regulate river flows in exchange for shared hydropower benefits. This was originally supported by members on both sides of the border, receiving bipartisan support in Congress. The recent delay raises concerns about environmental protection and Indigenous rights. B.C. officials state they remain committed to defending their interests and updating residents via virtual information sessions later this month. Read more here and here.
How AI is Speeding the Mining of Valuable Metals Needed to Power the Clean Economy
With the expansion of clean energy, minerals and metals needed to power it have become more and more in demand, and artificial intelligence might be the key to helping find these elements. Kobold Metals, VerAI, and Earth AI are working on AI-driven software that incorporates data from decades of work done by geologists who searched out these minerals. The AI will not search around existing mines but searches out new areas and then sells that information to mining companies. The company recently discovered one of the largest verified deposits of palladium in Australia using AI and partnered with Legacy Minerals. Read more here and here.
Bay County Set to Deploy New Phase of Artificial Reefs
The Bay County Board of County Commissioners, in partnership with the FWC, is set to deploy their second of three of NRDA-funded artificial reefs into the Gulf of America. This deployment consists of Super Reefs, layered habitats with vertical poles which serve to improve biodiversity and increase habitat complexity in order to ensure a wide range of marine life can utilize the reefs at various depths. These reef deployments come as part of the Natural Resource Damage Assessment program, with this phase aimed to restore and enhance marine ecosystems while increasing long-term recreational opportunities for fishermen and divers. Read more here.
Washington Carbon Allowance Prices Rise Again at Latest Auction
Last week, Washington State held another carbon allowance auction – and prices for allowances are up again from the previous auction, held in December of last year. Prices on allowances rose to $50 a piece, a rise of nearly $10 per allowance – which gives the buyer legal right to emit one ton of carbon. The auctions are held pursuant to the state’s Climate Commitment Act, which established the cap-and-trade system as a method of limiting emissions across the state. Some opposing groups have concerns regarding the speed at which prices are rising, and argue that rising emission allowance prices could lead to rising prices at the pump for Washingtonians, but proponents argue that the long-term positive climate effects outweigh these costs, and provide incentive to switch to methods of transportation and heating that result in less pollution. Read more here.
Data Visualization of the Week
Upcoming Construction Employment Gaps
CPWR’s recent Aging and Retirement Trends in the Construction Industry Report assesses the growing proportion of U.S. construction workers 55 years or older as they grow closer to retirement age. Along with safety and training concerns, identifying upcoming construction employment gaps is important to maintain a stable workforce. The latest available data show that in 2023, more than a third (36.1%) of truck drivers were 55 years or older, which may indicate significant future retirements in this occupation.The report also noted that only a quarter of wage-and-salary construction workers participated in a work pension or other non-Social Security retirement plan, which indicates a gap in benefits for construction workers. Read more at https://www.cpwr.com/wp-content/uploads/DataBulletin-February2025.pdf
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