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Summary:

This analysis uses the original $86 billion in estimated capital expenditures that companies announced in investments nationwide for new developments and extrapolates another $20 billion in additional capital expenditures for project announcements that did not include a dollar amount or required an updated estimate based on available information. In addition to the direct benefits of these expenditures, new modeling from BW Research measures the broader economic benefits and the multiplier effect of the investments and jobs expected if the 210 announced projects were completed over the next five years.

When these broader economic benefits are factored in, BW’s modeling expects the 8 large-scale project announced in Arizona tracked by E2 between August 2022 and August 2023 to create or support more than 18,700 jobs and generate billions of dollars in new wages, tax revenue, and economic growth.

These secondary economic benefits are far-reaching. When new clean energy projects and clean vehicle factories and thousands of new jobs come to a community, local restaurants sell more meals. Schools, police departments and local public works projects benefit from increases in local tax revenues. Local manufacturers and wholesalers sell more goods to feed the growing local supply chain. And small businesses such as accounting firms, construction contractors, landscaping companies and caterers see new revenue streams.

Together, these direct and indirect jobs and investments tell a statewide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.

They are also just the beginning as E2 continues to track new projects being announced every month.

Key Findings

This report details the economic impacts resulting from the clean energy investments in Arizona that were announced after the passing of the IRA, allowing for a more detailed examination of the economic benefits that the clean energy investments bring to the state. The 8 major Arizona projects tracked by E2 between August 2022-August 2023 will create or support more than 18,700 jobs, including 15,800 jobs each year during construction and another 2,900 jobs each year after.

These private-sector investments and jobs will add $6.8 billion to Arizona’s Gross State Product (GSP) while the projects are under construction, and another $434.6 million annually once they are up and running.

Additionally, these projects will result in $1.4 billion in new tax revenues for federal, state, and local governments while under construction, and an additional $80.0 million annually after.

COMBINED JOBS, WAGE, TAX AND GSP IMPACTS OF MAJOR CLEAN ENERGY PROJECTS ANNOUNCED IN FIRST YEAR OF THE IRA

TOTAL INVESTMENTS INTO AND ANNUAL JOBS SUPPORTED BY CLEAN ENERGY PROJECTS, DETAILED BY ENERGY SECTOR

Summary:

This analysis uses the original $86 billion in estimated capital expenditures that companies announced in investments nationwide for new developments and extrapolates another $20 billion in additional capital expenditures for project announcements that did not include a dollar amount or required an updated estimate based on available information. In addition to the direct benefits of these expenditures, new modeling from BW Research measures the broader economic benefits and the multiplier effect of the investments and jobs expected if the 210 announced projects were completed over the next five years.

When these broader economic benefits are factored in, BW’s modeling expects the 10 large-scale project announced in New York tracked by E2 between August 2022 and August 2023 to create or support more than 7,000 jobs and generate tens of billions of dollars in new wages, tax revenue, and economic growth.

These secondary economic benefits are far-reaching. When new clean energy projects and clean vehicle factories and thousands of new jobs come to a community, local restaurants sell more meals. Schools, police departments and local public works projects benefit from increases in local tax revenues. Local manufacturers and wholesalers sell more goods to feed the growing local supply chain. And small businesses such as accounting firms, construction contractors, landscaping companies and caterers see new revenue streams.

Together, these direct and indirect jobs and investments tell a statewide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.

They are also just the beginning as E2 continues to track new projects being announced every month

Key Findings

This report details the economic impacts resulting from the clean energy investments in New York that were announced after the passing of the IRA, allowing for a more detailed examination of the economic benefits that the clean energy investments bring to the state. The 10 major New York projects tracked by E2 between August 2022-August 2023 will create or support more than 8,000 jobs, including 6,000 jobs each year during construction and another 1,400 jobs each year after.

These private-sector investments and jobs will add $3.2 billion to New York’s Gross State Product (GSP) while the projects are under construction, and another $224.5 million annually once they are up and running.

Additionally, these projects will result in $736.0 million in new tax revenues for federal, state, and local governments while under construction, and an additional $55.7 million annually after.

COMBINED JOBS, WAGE, TAX AND GSP IMPACTS OF MAJOR CLEAN ENERGY PROJECTS ANNOUNCED IN FIRST YEAR OF THE IRA

TOTAL INVESTMENTS INTO AND ANNUAL JOBS SUPPORTED BY CLEAN ENERGY PROJECTS, DETAILED BY ENERGY SECTOR

Summary:

This analysis uses the original $86 billion in estimated capital expenditures that companies announced in investments nationwide for new developments and extrapolates another $20 billion in additional capital expenditures for project announcements that did not include a dollar amount or required an updated estimate based on available information. In addition to the direct benefits of these expenditures, new modeling from BW Research measures the broader economic benefits and the multiplier effect of the investments and jobs expected if the 210 announced projects were completed over the next five years.

When these broader economic benefits are factored in, BW’s modeling expects the 18 large-scale Michigan project announcements tracked by E2 between August 2022 and August 2023 to create or support nearly 28,000 jobs and generate tens of billions of dollars in new wages, tax revenue, and economic growth.

These secondary economic benefits are far-reaching. When new clean energy projects and clean vehicle factories and thousands of new jobs come to a community, local restaurants sell more meals. Schools, police departments and local public works projects benefit from increases in local tax revenues. Local manufacturers and wholesalers sell more goods to feed the growing local supply chain. And small businesses such as accounting firms, construction contractors, landscaping companies and caterers see new revenue streams.

Together, these direct and indirect jobs and investments tell a statewide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.

They are also just the beginning as E2 continues to track new projects being announced every month

Key Findings

This report details the economic impacts resulting from the clean energy investments in Michigan that were announced after the passing of the IRA, allowing for a more detailed examination of the economic benefits that the clean energy investments bring to the state. The 18 major Michigan projects tracked by E2 between August 2022-August 2023 will create or support more than 27,900 jobs, including 21,700 jobs each year during construction and another 6,200 jobs each year after.

These private-sector investments and jobs will add $9.7 billion to Michigan’s Gross State Product (GSP) while the projects are under construction, and another $706.7 million annually once they are up and running.

Additionally, these projects will result in $1.9 billion in new tax revenues for federal, state, and local governments while under construction, and an additional $165.0 million annually after.

COMBINED JOBS, WAGE, TAX AND GSP IMPACTS OF MAJOR CLEAN ENERGY PROJECTS ANNOUNCED IN FIRST YEAR OF THE IRA

TOTAL INVESTMENTS INTO AND ANNUAL JOBS SUPPORTED BY CLEAN ENERGY PROJECTS, DETAILED BY ENERGY SECTOR

Summary:

This analysis uses the original $86 billion in estimated capital expenditures that companies announced in investments nationwide for new developments and extrapolates another $20 billion in additional capital expenditures for project announcements that did not include a dollar amount or required an updated estimate based on available information. In addition to the direct benefits of these expenditures, new modeling from BW Research measures the broader economic benefits and the multiplier effect of the investments and jobs expected if the 210 announced projects were completed over the next five years.

When these broader economic benefits are factored in, BW’s modeling expects the nine large-scale North Carolina project announcements tracked by E2 between August 2022 and August 2023 to create or support 30,000 jobs and generate tens of billions of dollars in new wages, tax revenue, and economic growth.

These secondary economic benefits are far-reaching. When new clean energy projects and clean vehicle factories and thousands of new jobs come to a community, local restaurants sell more meals. Schools, police departments and local public works projects benefit from increases in local tax revenues. Local manufacturers and wholesalers sell more goods to feed the growing local supply chain. And small businesses such as accounting firms, construction contractors, landscaping companies and caterers see new revenue streams.

Together, these direct and indirect jobs and investments tell a statewide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.

They are also just the beginning as E2 continues to track new projects being announced every month

Key Findings

This report details the economic impacts resulting from the clean energy investments in North Carolina that were announced after the passing of the IRA, allowing for a more detailed examination of the economic benefits that the clean energy investments bring to the state. The nine major North Carolina projects tracked by E2 between August 2022-August 2023 will create or support nearly 30,000 jobs, including 24,600 jobs each year during construction and another 5,400 jobs each year after.

These private-sector investments and jobs will add $10.2 billion to North Carolina’s Gross State Product (GSP) while the projects are under construction, and another $593.5 million annually once they are up and running.

Additionally, these projects will result in $2.1 billion in new tax revenues for federal, state, and local governments while under construction, and an additional $124.2 million annually after.

COMBINED JOBS, WAGE, TAX AND GSP IMPACTS OF MAJOR CLEAN ENERGY PROJECTS ANNOUNCED IN FIRST YEAR OF THE IRA

TOTAL INVESTMENTS INTO AND ANNUAL JOBS SUPPORTED BY CLEAN ENERGY PROJECTS, DETAILED BY ENERGY SECTOR

Summary:

This analysis uses the original $86 billion in estimated capital expenditures that companies announced in investments nationwide for new developments and extrapolates another $20 billion in additional capital expenditures for project announcements that did not include a dollar amount or required an updated estimate based on available information. In addition to the direct benefits of these expenditures, new modeling from BW Research measures the broader economic benefits and the multiplier effect of the investments and jobs expected if the 210 announced projects were completed over the next five years.

When these broader economic benefits are factored in, BW’s modeling for the 19 major Georgia projects tracked by E2 between August 2022 and August 2023 expects the projects to create or support almost  39,000 jobs and generate tens of billions of dollars in new wages, tax revenue, and economic growth.

These secondary economic benefits are far-reaching. When new clean energy projects and clean vehicle factories and thousands of new jobs come to a community, local restaurants sell more meals. Schools, police departments and local public works projects benefit from increases in local tax revenues. Local manufacturers and wholesalers sell more goods to feed the growing local supply chain. And small businesses such as accounting firms, construction contractors, landscaping companies and caterers see new revenue streams.

Together, these direct and indirect jobs and investments tell a statewide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.

They are also just the beginning as E2 continues to track new projects being announced every month

Key Findings

This report details the economic impacts resulting from the clean energy investments in Georgia that were announced after the passing of the IRA, allowing for a more detailed examination of the economic benefits that the clean energy investments bring to the state. The 19 major Georgia projects tracked by E2 between August 2022 and August 2023 will create or support 38,600 jobs, including 31,800 jobs each year during construction and another 6,800 jobs each year after that. 

These private-sector investments and jobs will add $13.9 billion to Georgia’s Gross State Product (GSP) while the projects are under construction, and another $926.5 million annually once they are up and running. 

Additionally, these projects will result in $2.6 billion in new tax revenues for federal, state, and local governments while under construction, and an additional $175.4 million annually after that. 

COMBINED JOBS, WAGE, TAX AND GSP IMPACTS OF MAJOR CLEAN ENERGY PROJECTS ANNOUNCED IN FIRST YEAR OF THE IRA

TOTAL INVESTMENTS INTO AND ANNUAL JOBS SUPPORTED BY CLEAN ENERGY PROJECTS, DETAILED BY ENERGY SECTOR

Summary:

The positive impacts of the IRA’s historic investment in America’s rural economic growth and resilience are transformative. In its first year, the IRA incentives have spurred 52 major rural manufacturing projects that are projected to create 67,000 rural jobs and nearly $2 billion in worker income, creating viable new career opportunities and revenues to sustain rural communities. In addition to spurring growth, these IRA funds are essential to ensuring that rural America has access to the benefits of the clean economy transition and that our farms and farming communities are more profitable and more resilient. Farmers and rural workers across multiple industries, as well as rural consumers, strongly favor these investments in clean energy, infrastructure, and agricultural resilience. The federal clean economy investments in the IRA position rural communities as leaders in building a thriving 21st century American economy. 

Summary

Summary

Summary

• RENEWABLE GENERATION: Georgia’s renewable generation jobs grew 7.1 percent in 2022, bringing the sector to 10,500 total jobs and making it Georgia’s second largest clean energy sector behind energy efficiency. The solar subsector accounted for most of the renewable energy jobs in the state, employing 7,761 individuals–accounting for nearly 74 percent of the sector’s total employment. 
• ENERGY EFFICIENCY: Energy efficiency is Georgia’s largest clean energy sector with 55,605 workers as of the end of 2022. The sector grew 4.3 percent in 2022, ranking Georgia in the top ten for fastest growing energy efficiency workforce nationally. 
• STORAGE AND GRID MODERNIZATION: Jobs in battery, storage, and grid modernization grew 8 percent in 2022 in Georgia— the second fastest growing clean energy sector workforce in the state. As of 2022, there were 4,369 total battery, storage, and grid modernization jobs in Georgia, the ninth largest workforce for the sector in the U.S. 
• CLEAN VEHICLES: Clean vehicle jobs grew 2 percent in 2022 to employ a total of 7,452 individuals. The majority of the workforce is in the hybrid electric vehicles subsector (3,400 workers) and electric vehicles subsector (2,162 workers). However, since the federal Inflation Reduction Act passed, 15 major electric vehicle manufacturing facilities have been announced in Georgia, which is expected to add at least 9,000 jobs to the state’s clean vehicle workforce in the coming years.
• BIOFUELS: Georgia’s biofuels sector grew 8.8 percent in 2022 to employ a total of 476 individuals. Employment in the sector was the smallest but fastest growing in Georgia’s clean energy economy.

New York’s clean energy economy grew 3.6 percent and added nearly 6,000 new workers in 2022. Clean energy now accounts for over 50 percent of all energy industry jobs in New York. The state’s 166,014-person clean energy workforce is the third largest nationally, behind California and Texas.

Summary

• RENEWABLE ENERGY: Renewable generation grew 6.2 percent and added over 1,000 jobs in 2022, led by jobs in solar energy (14,200) and wind energy (4,300). The sector is the second fastest growing clean energy sector over the previous two years (17%), behind only clean vehicles.
• ENERGY EFFICIENCY: Energy efficiency is New York’s largest energy sector with 126,000 workers. However, the sector has not yet recovered from the COVID-19 pandemic and remains just below its pre-pandemic high of 126,700.=
• STORAGE AND GRID MODERNIZATION: Jobs in battery, storage, and grid modernization grew 8.3 percent in 2022. This sector has grown more than 15 percent since 2021. At 4,600 workers, the state’s storage and grid sector is the eighth largest in the nation.
• CLEAN VEHICLES: Clean vehicle jobs are the fastest growing workforce in New York’s entire energy industry, growing 20 percent in 2022 and over 50 percent since 2021. At nearly 13,000 workers statewide, New York has the eighth largest clean vehicle workforce in the nation.
• BIOFUELS: New York has the third largest biofuels workforce in the U.S., at 1,700. Biofuel jobs increased 3.2 percent in 2022 and over 9 percent since 2021.

FOCUS: Toyota announces $8 billion EV battery plant expansion in Liberty, N.C.

North Carolina has been actively courting investments from Japan for more than 40 years. But since the state first opened its economic development office in Tokyo in 1978, no other investment comes close to matching what the Japanese carmaker Toyota announced on the last day of October – $8 billion to add eight EV lithium-ion battery production lines to its fast-growing plant in the small Piedmont town of Liberty.

The project is expected to create 3,000 jobs. Toyota first announced it was building an EV factory in Liberty two years ago. October’s announcement was the third time it expanded on those plans, with the company’s total investments in North Carolina now expected to approach $14 billion. That represents the largest economic development project in North Carolina history, and it will help rejuvenate an area hit hard by the decline of the once-dominant textiles, tobacco and furniture industries.

“Toyota’s latest expansion in North Carolina is monumental,” North Carolina state senator Phil Berger said in a press release.

Toyota’s announcement is also by far the largest in terms of investment dollars that E2 has tracked across the entire country since the Inflation Reduction Act (IRA) was signed into law in August 2022. (The second-largest investment E2 has tracked across all states and sectors in that time was also in North Carolina: In September 2022, Durham-based Wolfspeed announced a $5 billion manufacturing facility for efficient silicon carbide materials and devices with applications in industries including renewables, energy storage and EVs.)

Elsewhere in the state last month, a company called Atuel said it will soon begin producing 5,000 fast DC car chargers annually in Greensboro, creating 400 jobs. Along the coast south of Wilmington, Epsilon Advanced Materials Inc. will invest nearly $650 million and create 500 jobs making battery components. Those jobs will have an average annual salary of $52,000 – about 12 percent higher than Brunswick County’s current average wage.

Not to be outdone, Indiana also racked up three big clean economy announcements last month. These include a $3.2 billion joint-venture battery gigafactory in Kokomo from Stellantis and Samsung and an $800 million solar manufacturing plant Canadian Solar is building near the Ohio River in Jeffersonville. That facility will be able to crank out about 20,000 panels a day. Combined, Indiana’s three announcements are expected to create 2,800 jobs.

Notably, all six announcements from both North Carolina and Indiana came from overseas, underscoring just how effective the IRA is at attracting foreign investments to small-town America. In addition to Japan, companies announcing investments in the Tar Heel and Hoosier states last month are based in the Netherlands, Korea, Canada, India, China and Austria.

Since the IRA was signed into law in August 2022, E2 has tracked 251 projects across 40 states representing more than $106 billion in investments that could help create more than 89,000 jobs. Nearly half of the announcements include companies headquartered overseas, creating opportunity and jobs here in the U.S.

For a complete rundown of all announcements E2 has tracked, please see here.

TOTAL PROJECTS BY STATE

ALABAMA

• Projects: 6
• Investment: $1.603 billion
• Jobs: 1,350

ARKANSAS

• Projects: 2
• Investment: $250 million
• Jobs: 500

ARIZONA

• Projects: 8
• Investment: $5.901 billion
• Jobs: 2,280

CALIFORNIA

• Projects: 12
• Investment: $1.6 billion
• Jobs: 160

COLORADO

• Projects: 7
• Investment: $880 million
• Jobs: 2,382 

CONNECTICUT

• Projects: 4
• Investment: $24.8 million
• Jobs: 100 

FLORIDA

• Projects: 2
• Investment: $72 million
• Jobs: 250

GEORGIA

• Projects: 23
• Investment: $14.577 billion
• Jobs: 14,031

IDAHO

• Projects: 2
• Investment: N/A
• Jobs: N/A 

ILLINOIS

• Projects: 6
• Investment: $2.064 billion
• Jobs: 2,719

INDIANA

• Projects: 10
• Investment: 4,222
• Jobs: $6.416 billion

KANSAS

• Projects: 1
• Investment: N/A
• Jobs: N/A

KENTUCKY

• Projects: 6
• Investment: $646 million
• Jobs: 1,129

LOUISIANA

• Projects: 4
• Investment: $1.214 billion
• Jobs: 983

MASSACHUSETTS

• Projects: 6
• Investment: $45.7 million
• Jobs: 1,041

MARYLAND

• Projects: 1
• Investment: $14 million
• Jobs: 145 

MAINE

• Projects: 1
• Investment: $6 million
• Jobs: 200

MICHIGAN

• Projects: 20
• Investment: $12.163 billion
• Jobs: 10,107 

MINNESOTA

• Projects: 3
• Investment: $145 million
• Jobs: 570

MISSOURI

• Projects: 1
• Investment: $100 million
• Jobs: 250

MISSISSIPPI

• Projects: 2
• Investment: $115 million
• Jobs: 340

NORTH CAROLINA

• Projects: 13
• Investment: $18.62 billion
• Jobs: 7,606 

NEW HAMPSHIRE

• Projects: 1
• Investment: $16.3 million
• Jobs: N/A

NEW MEXICO

• Projects: 5
• Investment: $1.243 billion
• Jobs: 2,542

NEVADA

• Projects: 6
• Investment: $6.6 billion
• Jobs: 5,250

NEW YORK

• Projects: 10
• Investment: $783 million
• Jobs: 2,739

OHIO

• Projects: 13
• Investment: $6.395 billion
• Jobs: 3,839

OKLAHOMA

• Projects: 5
• Investment: $2.45 billion
• Jobs: 1,490

OREGON

• Projects: 1
• Investment: N/A
• Jobs: N/A

PENNSYLVANIA

• Projects: 2
• Investment: $116.1 million
• Jobs: 15 

PUERTO RICO

• Projects: 1
• Investment: N/A
• Jobs: 800

RHODE ISLAND

• Projects: 1
• Investment: N/A
• Jobs: N/A

SOUTH CAROLINA

• Projects: 19
• Investment: $11.071 billion
• Jobs: 11,072

TENNESSEE

• Projects: 13
• Investment: $5.174 billion
• Jobs: 4,110

TEXAS

• Projects: 18
• Investment: $6.769 billion
• Jobs: 6,861

UTAH

• Projects: 1
• Investment: N/A
• Jobs: N/A

VIRGINIA

• Projects: 3
• Investment: $45.5 million
• Jobs: 149

VERMONT

• Projects: 1
• Investment: N/A
• Jobs: 12

WISCONSIN

• Projects: 6
• Investment: $242 million
• Jobs: 262

WEST VIRGINIA

• Projects: 3
• Investment: $1.335 billion
• Jobs: 850

Summary

New Mexico’s clean energy workforce added 713 new workers in 2022, for a total of 12,686 clean energy jobs, growing 6 percent, the fifth fastest-growing state for clean energy jobs, and adding jobs at a much faster rate than the state’s overall employment, which grew 3.2 percent. Most of the workforce were in the construction and professional services industries, accounting for 6,203 jobs and 3,752 jobs respectively. In 2022, clean energy accounted for one out of every five energy jobs. The top two New Mexico counties for the most clean energy jobs in the state: Bernalillo County (6,285 jobs) and Santa Fe (1,084 jobs).

• RENEWABLE GENERATION: Renewable generation grew 4.8 percent in 2022, bringing New Mexico’s renewable generation workforce to 4,723 individuals. Solar and wind account for the majority of the sector’s workforce with 3,323 jobs and 1,109 jobs respectively.
• ENERGY EFFICIENCY: Energy efficiency is New Mexico’s largest clean energy sector with 6,059 workers. The sector grew 6.1 percent in 2022, the second fastest growing energy efficiency workforce in the nation. 
• STORAGE AND GRID MODERNIZATION: Jobs in battery, storage, and grid modernization grew 8.2 percent in 2022, making the sector the second fastest growing clean energy sector in the state behind clean fuels (biofuels). New Mexico’s storage and grid modernization workforce totaled 773 in 2022. 
• CLEAN VEHICLES: The clean vehicles, growing 7.5 percent in 2022 to employ a total of 983 workers. The sector grew much faster than the gas/diesel vehicles sector in the state, which shrank 0.5 percent in 2022.
• BIOFUELS: New Mexico’s biofuels workforce sector has the fastest growing workforce in New Mexico’s clean energy industry, growing 18.1 percent in 2022. However, it makes up the smallest clean energy sector in the state with 147 total jobs.