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Regional Impacts <br />The incremental regional economic impacts of critical habitat designations are summarized, <br />in part, in Table I -E -1. The data in this table illustrate the first basic conclusion that can be <br />drawn from the study. For the Basin as a whole, regional economic impacts are clearly <br />positive. The stream of impacts over the study period (discounted at 3 percent to yield a <br />present value) yield a positive impact of $129.40 million (1991$). These results hold for <br />earnings impacts, tax revenue impacts, and employment impacts. The present value of net <br />earnings impacts for the basin is $74.07 million, the value of the combined tax revenue <br />impacts, $23.69 million. Present value is the worth of a future stream of impacts expressed <br />in terms of todays value. <br />Table I -E -1 reports the differences between the present values of the "without fish" <br />projections and the "with fish" projections expressed as a percentage of the "without fish" <br />projections. The difference for the total output in the Basin is 0.0003 percent (i.e., three ten <br />thousandths of a percent). The figures for the remaining aggregate measures are similar in <br />magnitude. Table I -E -1 also reports annualized values. The annualized value transforms a <br />fluctuating stream of impacts into a levelized equivalent present value. For the Basin <br />economy the annualized value of the output impact is a positive $6.47 million (1991$).. <br />The State -level entries in Table I -E -1 demonstrate the second basic conclusion. The impacts <br />of critical habitat designations are not distributed evenly over the individual States in the <br />Basin. In fact, during the study period impacts range from a positive $335.02 million <br />(California) to a negative $245.46 million (New Mexico). The reasons for these differences <br />lie in the nature of proposed recovery efforts for the endangered fishes. Streamflow <br />requirements and operational changes at Federal reservoirs may negatively impact recreation, <br />electric power production, and future consumptive water uses in some geographic areas, <br />vi <br />