NEW Report: 334 Major Clean Energy, Clean Vehicle Projects Announced in First Two Years of IRA – $126B in Investments, 109K Jobs Across 40 States

• Red states, GOP congressional districts benefitting most from IRA

• Year-two tally: 118 projects, $40B investments, 35K jobs

• States with most announced projects: MI, GA, SC, TX, NC, OH, TN, CA, NY, IN, AZ

Companies announced at least 334 major new clean energy projects in the first two years since the Inflation Reduction Act (IRA) was signed into law, driving the biggest U.S. economic revolution in recent history, according to the national nonpartisan business organization E2. The 118 announcements in the IRA’s second year are expected to generate more than $40 billion in new investments and create a minimum of 34,600 jobs. If completed, all 334 projects announced since the IRA would create at least 109,278 new jobs and bring a minimum of $126 billion in direct private investment to 40 states, a new report from E2 shows.

Based on publicly available information analyzed by E2 of new projects announced since August 16, 2022, Southeast states and Republican congressional districts are benefitting the most from the IRA, according to E2’s Clean Economy Works: IRA Two-Year Analysis. More than 110 major clean energy and clean vehicle factories and other projects – 55 in South Carolina and Georgia alone – are in development or have already broken-ground in the 10-state Southeastern region. About 60 percent of all IRA-related clean economy projects – and 85 percent of total private-sector investments announced so far – has flowed to Republican congressional districts, despite the fact that no Republican member of Congress voted in favor of the IRA.

Details were released today a national press briefing featuring clean energy and clean vehicle executives from throughout the country. For a recording of the press conference, contact Michael Timberlake, (913) 645-9103, [email protected], or Alex Frank, (703) 276-3264, [email protected]. For an interactive, searchable map of projects in every state, congressional district, industry, and sector, see here.

According to the E2 analysis, Michigan is the top state overall in post-IRA clean economy announcements, with 30, including a dozen in the past year. Georgia, South Carolina, Texas and North Carolina rounded out the top five states, in order.

Electric vehicle and battery companies led with the most announcements, announcing more than $81 billion in 152 projects that are expected to create nearly 63,000 jobs.

Foreign companies announced nearly half of all projects, bringing overseas investments to the United States and creating new made-in-America jobs – a stark contrast to the historic trend of manufacturing and clean energy jobs leaving the country for foreign shores.

The continued growth in the U.S. clean energy economy that was turbocharged by the IRA comes amid growing risks to the policy, including more than 40 attempts in the U.S. House to roll back or reduce parts of the IRA and uncertainty over the November election.

Bob Keefe, executive director of E2, said:
“What the numbers show is that we’re at the advent of the biggest U.S. economic revolution in generations – and it’s all because America finally decided to do something about climate change and clean energy with the IRA. 

“But we’re just getting started. If clean energy opponents roll back or repeal the IRA, it’s not folks in San Francisco or New York City who are going to get hurt. It’s workers and communities in places like Michigan, Georgia, the Carolinas and other states.”

Lucas Olinyk, president of Jackson, Mich.-based Harvest Solar, said:

“The IRA has been a strong tailwind for our business these past two years. As interest in solar has grown, we’ve expanded our customer base to include farm and agricultural projects, utility-scale projects as well as residential and some large commercial rooftops.

“Michigan has arguably benefited from the IRA more than any other state, and that’s certainly been our experience here in Jackson County. It feels like clean energy is at a tipping point – and the IRA is an accelerant.” 

Ajulo Othow, founder and CEO of Oxford, N.C.-based clean energy developer EnerWealth Solutions said:

“The IRA is succeeding on multiple fronts, and the development of more renewable energy projects is just a small part of the story.

“What I’m seeing in my work is a broadening of the economic benefits of the energy transition. Whether it’s a minority landowner in the South who leverages a solar development to help keep her farm in the family for another generation, or a factory that creates thousands of jobs for young people, the IRA is helping generate real economic growth that improves lives, ties communities together and grows small businesses.”

Brad Beauchamp, EV Product Segment leader for Macon, Ga.-based school bus maker Blue Bird Corp., said:

“At Blue Bird, we’ve been in the school bus business for nearly a century. The industry’s latest transition to electric buses is driving new business for companies like ours while also helping school districts save money and helping kids and all of us breathe cleaner air.”

Report highlights:

• 40 states are home to at least one major new clean energy project and three-dozen states are home to at least two.
• The Southeast and Midwest regions are both major hubs for clean economy project announcements in the wake of the IRA.
• Five states are home to 20 or more projects: Michigan, Georgia, South Carolina, Texas and North Carolina.
• Six additional states are home to at least 10 projects: Ohio, Tennessee, California, New York, Indiana and Arizona.
• Manufacturing has accounted for 254 of the projects in the IRA’s two-year history, representing more than 90 percent of all investments and jobs announced.
• Clean vehicles accounted for more than a third of all projects announced within the past year (45 projects announced).
• Red states and Republican congressional districts are benefitting the most from the IRA. In its full two-year history, about 60 percent of all projects were in Republican districts. Nineteen of the top 20 congressional districts for clean energy investments are held by Republicans.
• The top congressional districts for clean energy investments are North Carolina’s 9th district with nearly $9.9 billion, represented by Republican Rep. Richard Hudson; Georgia’s 11^th congressional district with $6.6 billion, represented by Republican Rep. Barry Loudermilk; and Nevada’s 2^nd congressional district with $6.6 billion, represented by Republican Rep. Mark Amodei.
• The top congressional districts that would see the largest clean energy employment growth from new clean energy projects are North Carolina’s 9th district with 5,660 estimated jobs, represented by Republican Rep. Barry Loudermilk; Nevada’s 2^nd congressional district with $5,050 jobs, represented by Republican Rep. Mark Amodei; and South Carolina’s 2^nd congressional district, represented by Republican Rep. Joe Wilson.
• The congressional districts that are home to the most projects announced are: Ohio’s 9^th congressional district with eight projects, represented by Democratic Rep. Marcy Kaptur; Georgia’s 1^st congressional district with six projects, represented by Republican Rep. Earl Carter; North Carolina’s 9^th congressional district with six projects, represented by Republican Rep. Richard Hudson; and South Carolina’s 5^th congressional district with six projects, represented by Republican Rep. Ralph Norman.
• Foreign companies led or were involved with about half (160) of the projects announced since the IRA became law, countering the trend of foreign companies investing elsewhere and offshoring U.S. jobs.
• South Korean companies have announced the most projects – about three-dozen the past two years. Companies based in Michigan and California led announcements from domestic-based companies, with 22 each.

About this Analysis

The data used in this report is limited to information made publicly available by the companies announcing projects and may not be comprehensive of all major projects that began development after August 16, 2022, nor be exclusive of projects that did not publicly disclose specific plans prior to the passage of the IRA. Projects that began development, were proposed, or applied for local and state approval before the passage of the IRA are not included. This analysis also does not include federal investments in which the federal government has provided financial resources for the complete project, lease sales, projects in which an announcement was made but lacked specific geographic information, etc. Details on projects came from news reports on new and related projects, press releases from companies announcing new developments, and government announcements. 99 of the 334 announcements (30 percent) included no estimated investment data and 98 of the 334 announcements (29 percent) included no job estimates, making this information conservative. Additionally, job estimates announced by companies are overwhelming for permanent jobs and only a handful of announcements since 2022 have included any estimates for temporary or construction jobs that would be created by the projects, meaning the direct employment impact from these projects will be significantly greater than that estimates reviewed in this analysis. Some announcements did not include specific locations that could be used to identify congressional districts.

For the latest full list of clean energy job announcements tracked by E2, visit https://e2.org/announcements.

Additional Resources from E2

• Clean Jobs America – 3.3 Million Clean Energy Jobs in America
• Clean Economy Works Home Page
• Author, former journalist and E2 Executive Director Bob Keefe’s recently released book, Clean Economy NOW: Stories from the Frontlines of an American Business Revolution, includes fresh insider information about the passage of the landmark IRA legislation two years ago; stories of communities and people being impacted by the legislation today and what it all means for politics, the planet and our future.

###

E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.