Report: The $65 Billion Price Tag on Repealing Prevailing Wage Nationally

smart citiesResearchers from the Illinois Economic Policy Institute, Colorado State University-Pueblo and Smart Cities Prevail have released a far-reaching study on the economic and workforce effect that the repeal of prevailing wages has had in states that have enacted such legislation, as well as calculating the impact an nation-wide repeal would have.

“Our study confirms that states without prevailing wage laws not only undermine workmanship, productivity, and workforce development programs that promote construction career pathways for racial minorities and veterans, but millions more is spent in these states on food stamps, EITC (Earned Income Tax Credit), and public forms of insurance for low income blue-collar construction workers, with smaller overall economic output, higher income inequality, and millions less in tax revenue,” said study co-author and Colorado State University Economist Kevin Duncan. “If all the states with prevailing wage laws in place were to repeal, they could expect to see similar trends, with 400,000 lost jobs, a $65 billion reduction in our national economy, and a loss of $8 billion in tax revenue.”

Here are the facts about prevailing wage according to this new study (download fact sheet HERE):