Utility Infrastructure Drives New Jersey's Economic Health; Requires Acting Now to Preserve and Improve
New Jersey American Water's Baker Addresses Chamber of Commerce Southern Jersey
VOORHEES, N.J.--(BUSINESS WIRE)-- "Utilities are a key component of New Jersey's economic health, and must be sustainable for the long run," New Jersey American Water President David K. Baker told an audience of business leaders today at the Chamber of Commerce Southern Jersey's Utility Infrastructure Summit: Response, Resiliency and Preparedness. The summit, which featured top utility executives from around the state, was designed to reinforce their critical nature with the south Jersey business community.
According to Baker, the state's water, wastewater, energy, phone and internet utilities are foundational components of the state's economy. But, the health of these utilities has both acute and chronic challenges. "Without proper action today, long term impacts will be compounded, becoming more costly and reduce New Jersey's competitiveness in economic development," said Baker.
The economic development New Jersey experienced in the past would not have been possible without available, reliable and affordable utility services. And, if that development is to continue, the state's utility companies cannot afford to sit back and watch as their infrastructure steadily ages and degrades. To prevent this, each year, New Jersey American Water spends about $300 million in repairing, replacing and upgrading its infrastructure.
New Jersey American Water, a wholly owned subsidiary of American Water (NYS: AWK) is the investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.5 million people. Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,700 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 30 states, as well as parts of Canada. More information can be found by visiting www.amwater.com.
New Jersey American Water
Peter A. Eschbach, 856-782-2316
KEYWORDS: United States North America New Jersey
The article Utility Infrastructure Drives New Jersey's Economic Health; Requires Acting Now to Preserve and Improve originally appeared on Fool.com.
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