In 2023, The United States Started Building Big Again, Thanks To Biden’s Inflation Reduction Act

2023 was a tumultuous year for the United States economy. Consumers dealt with pain points from inflation and high gas prices to increased interest rates. Despite these headwinds, the country’s clean energy economy surged thanks to President Biden’s Inflation Reduction Act (IRA) and growing demand for clean energy technologies, which added nearly $100 billion in new investment and more than 80,000 new jobs. The IRA was the largest-ever investment in U.S. climate, clean energy, electrification, and energy efficiency. Combined with the CHIPS Act, Bipartisan Infrastructure Act, and other federal actions, the IRA is supercharging the economy. Onshoring U.S. jobs supporting the domestic manufacturing of electric vehicles (EVs), batteries, solar panels, wind turbines, heat pumps, and other clean energy technologies is jumpstarting a new clean industrial revolution. United States clean energy manufacturing investments from the Inflation Reduction Act and CHIPS and … [+] To monitor the changes catalyzed by the IRA, I created the IRA Dashboard tool to track activities across every state. Since August 2022, when the IRA was signed into law, 142 projects have been announced totaling $98 billion in investment dollars and more than 80,000 jobs – including nearly $60 billion and 50,000 jobs in 2023. States like Georgia and North Carolina have led the pack, attracting $15.4 billion and $13.7 billion in invested, respectively. Michigan and South Carolina have both secured more than 10,000 new clean energy and electrification manufacturing jobs. Arizona, Nevada, Indiana, Illinois, Louisiana, and New Mexico – in addition to previously mentioned states – each attracted $1 billion investment in 2023. These emerging trends highlight that the clean energy space is an economic bright spot poised to grow in the years ahead. The Inflation Reduction Act Jumpstarted America’s Electric Vehicle Renaissance Forbes Daily: Get our best stories, exclusive reporting and essential analysis of […]

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