KPTH Fox 44

An economist says Hyperion's Energy Center could be Siouxland's saving grace.

The Siouxland Initiative invited Bill Fruth, with the independent firm, POLICOM, to study Siouxland's economy. His findings are grim.

In a presentation he made Wednesday night at Dakota Valley High School, Fruth recommended Siouxlanders to go after the Hyperion project. He says there's a market demand for the energy industry and says money will pour into, what he calls, our struggling economy.  

"It really does take a project like Hyperion to jump start this region and put us that growth trend," says Debi Durham, president of the Siouxland Initiative.

"A lot of communities across the United States are spending, I think what he (Fruth) said was, $15 million to $100 million to bring in companies into their area. Hyperion's willing to come here for free," says J.B. Mercer, chairman of Citizens for Hyperion activist group.

Fruth says Siouxlanders should embrace Hyperion's offer. He says our local economy is weak. He says it's ranked in the lower 1/4 of U.S. economies. Fruth also says if we don't get major industries here soon, we'll be in a downward spiral.  

"Over the last five years, you've had a net loss of jobs in the three county area. You've lost more than 3000 manufacturing jobs," says Fruth.

Fruth says Hyperion's oil refinery and power plant would be a major capital investment, creating a huge tax base.

"When you build a $10 billion facility, and I haven't run through the numbers on the taxes, but that will account for 70 to 75 percent of all property taxes in Union County which reduces the taxes for everybody else who lives in that county," says Fruth.

It'll bring jobs and plenty of money Fruth says, especially during the four year construction phase.

"Be about 18,000 people earning their livelihood. But then that will slow down when they finish it. Then we'll begin to build back up after it goes into operation. That impact could account for 14,000 jobs within a 60 minute radius of that facility," says Fruth.

Fruth also says energy centers don't go away.

"You might recruit a particular company who might come in and hire a thousand people but they could close their doors next year to lay off everybody. This facility will be here for a long time," says Fruth.  

Fruth says every business in the area would be positively affected by the refinery.  

Union County voters head to the polls to vote on Hyperion's project on June 3^rd 2008.