Economist Joseph Schwieterman from DePaul University led the study and expects Chicago’s economic loss to be around $531 million annually for the first seven years.
"The Schwieterman study shows, through well-reasoned economics, that closing these locks will have a devastating effect on our local economy, resulting in the loss of potentially hundreds of area jobs and hurting a range of industries and services," said Jim Farrell, executive director of the Illinois Chamber of Commerce's Infrastructure Council, reported the Chicago Tribune.
A previous study conducted back in February by Wayne State University in Michigan, had drastically different results from Schwieterman’s findings. The Wayne State study concluded closing the locks would cost about $70 million in economic losses.
The states surrounding the Great Lakes want the locks closed to prevent Asian carp into Lake Michigan.