WASHINGTON – Tonight, in his State of the Union address, President Biden highlighted how record clean energy investments—spurred by the Inflation Reduction Act (IRA), Bipartisan Infrastructure Agreement, and CHIPS act—are fueling one of the strongest U.S. economies in generations.
Following is a statement from SANDRA PUROHIT, federal advocacy director of the national nonpartisan business group E2:
“An historic clean energy boom is helping drive the strongest economy in generations. We are seeing an unprecedented rush of new clean energy projects and billions in new clean technology investments flowing into states every month just as real wages are growing, inflation is cooling, the manufacturing sector is resurgent, and U.S. economic growth is leading all advanced economies.
“The President made it clear again tonight. The Inflation Reduction Act and pro-growth clean energy policies are fueling the strongest U.S. economy in generations—for workers and business owners, rural and urban America, Red states and Blue states, and every region in the country.”
Since the IRA was signed by President Biden, at least 292 major clean energy projects have been announced in 41 states and Puerto Rico, according to the monthly tally of private-sector announcements from E2. In those announcements, companies have also announced at least 102,000 new jobs and nearly $118 billion in capital investment for these projects.
Both red states and blue states are already seeing the benefits from the climate as well. Georgia and Michigan lead all states with the most announcements, with 27 and 26 announcements respectively. At a district level, Republican-held House districts are clearly benefiting the most. Fifty-six percent of projects announced (164) are in Republican-held districts, 68 percent of new jobs announced (68,000 jobs) are in Republican-held districts, and 85 percent of new investments announced ($100 billion) are in Republican-held districts.
Additional Resources
- E2: Clean Economy Works Tracker + Interactive Map (updated March 6, 2024)
- E2: Clean Jobs America 2023 | Interactive Jobs Map & Full Data Tables (Sept. 2023)
- E2: Clean Economy Works | An Economic Impact Analysis of Major Clean Energy Projects Announced In Year One of the Inflation Reduction Act (Nov. 2023)
- E2: Clean Economy Works | IRA One-Year Review (Aug. 2023)
- E2: Benefits to Rural America from the Inflation Reduction Act: Driving Jobs, Investment, and Economic Resilience (Jan. 2024)
About E2 Clean Economy Works Tracking
E2’s project announcement figures reflect ongoing revisions to previous months’ announcement totals and are based on publicly available information for new clean energy projects, expansions, and renewed productions only announced after the Inflation Reduction Act (IRA) was signed into law on August 16, 2022. Projects that began development, were proposed, or applied for local and state approval before the passage of the IRA are not included.
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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 http://www.e2.org or follow us on Twitter at @e2org.