The Importance of Water Supply Innovation
As the global population marches towards 9 billion by 2050 and land and water resources decline, never has the task of producing more from less been more imperative. The data on water scarcity continues to be sobering, and shortages increasingly are linked to both natural and human-made causes. By 2025, 1.8 billion people will live in regions that face “absolute water scarcity,” reports the United Nations. Essentially, these figures reveal that the role of innovation related to natural resources will no doubt become more paramount in the following years.
In combatting the issue of a growing population and declining resources, Texas, despite rising oil prices, is finding growth in other industries. To be specific, the State of Texas’ economy has an undiscovered $9 billion water and water technology cluster of jobs, businesses, and assets – and it’s mounting. In fact, Texas observed a 19-percent job increase from 2005 to 2015 in water-related jobs. By 2025, the total amount of forecasted jobs in water-related professions is 1,168,320, which constitutes a 35-percent job availability jump from the years 2015 to 2025.
Thus, given the aging infrastructure and climatic pressures on water, the future of water security relies on major innovation in technology, design and approach. Now, more than ever, it is critical to support, promote and cultivate innovation if we are to increase efficiencies, improve practices and withstand any water challenges that comes our way.
In order to further boost innovation in this growing sector, Swanson Reed has partnered with AccelerateH20. Swanson Reed is a global R&D (research & development) tax credit consulting firm, who can help you achieve tax benefits for innovative activities. The Federal and Texas State R&D Tax Credit laws apply to businesses in the water industry that are performing eligible R&D activities, including participation in AccelerateH2O organized pilots and demonstration.
If you would like to learn more about water technology R&D tax credits, check out our AccerlateH20 page or get in touch with us today by contacting one of our offices.
