50,000+ Jobs, Billions in New Investments in Peril with Executive Order
WASHINGTON – President Trump today issued an executive order that would effectively end America’s offshore wind industry just as it is getting started – ceding a burgeoning market to foreign competitors at a time when increased energy production will be critical with rising power needs driven by AI, datacenters, and electric vehicles.
The following is a statement from Bob Keefe, executive director of the national, nonpartisan business group E2:
“America’s offshore wind industry is just getting started, but already it’s attracting investments, creating jobs and bringing new career opportunities and new sources of clean energy to America.
“Why would we want to cede the $40 billion offshore wind industry to foreign countries while limiting America to fossil fuels to meet our growing electricity needs?”
In the four years since President Trump was last in office, the wind energy sector has added nearly 15,000 jobs and is bringing new economic opportunities to coastal communities from California to North Carolina. Offshore wind companies were expected to significantly increase hiring in coming months as “shovel-ready” projects totaling 8GW in supply capacity were set to begin construction in early spring.
A 2024 report from American Clean Power last year found the offshore wind sector was set to invest $65 billion and create 56,000 jobs by 2030.
Offshore wind projects also create onshore jobs in construction, finance, real estate, retail and other sectors, bringing new economic opportunities to coastal communities. Every dollar invested in offshore wind on the Eastern Seaboard, for instance, would produce as much as $1.83 in additional benefits to state economies and generate more than $430 million in state, local and federal tax revenues, according to a 2018 E2 report.
In California alone, offshore wind could create and support nearly 175,000 jobs and add $45 billion to the state’s economy, according to a 2023 analysis by E2.
To speak with E2 staff and our member business leaders in states across the country, please contact Alex Frank—(703) 276-3264, [email protected] or Michael Timberlake—(913) 645-9103, [email protected].
ADDITIONAL RESOURCES:
For nearly a decade, E2 has produced and tracked data on the clean economy with more detail than any other organization in the country. Our reports give a concise and comprehensive picture of clean energy jobs and projects by sector (including solar, wind, energy efficiency, clean vehicles) and down to the state, county, and metro level. Including:
- Survey of U.S Business Leaders: Businesses on Impact of Arrested Ira Investments
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- In a recent national survey by E2 and partners of more than 900 clean energy businesses, the majority said they would lose business if Congress and President Trump follow through with the types of policy rollbacks they’ve said they’re planning. More than 20% of business respondents said they’d have to lay off employees; about 10% said they’d go out of business completely or would move to another country.
- Monthly Clean Energy Projects Tracker: Clean Economy Works
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- Over the last 30 months, E2 has tracked 362 new large-scale projects announced by businesses across 41 states and Puerto Rico. Those announcements include commitments by companies to invest more than $132 billion and create more than 116,000 new jobs. Notably, the vast majority of this investment capital – some 83% is going to congressional districts represented by Republicans. Our latest monthly report, for release today, is below.
- Broader Economic Impacts: Economic Impact Of New Private-Sector Projects
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- A full economic impact analysis of recently announced projects found the projects would add $238 billion to U.S. GDP, support 467,000 jobs, and generate $170 billion in wages during construction alone. Tens of thousands more jobs and hundreds of billions of dollars in new wages, tax revenue, and economic growthwould be generated every year while the projects are operating.
- Clean Energy Jobs: Clean Jobs America 2024
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- E2 has tracked clean energy employment for nearly a decade utilizing federal government data. Our 2024 Clean Jobs America report details the nation’s 3.5 million jobs across all clean energy sectors as of Q4 2023 (the most recent available data). The report— broken down by state, county, metro, sector, and technology— is available via interactive maps and in data tables at cleanjobsamerica.e2.org
- Clean Energy Wages: Clean Jobs, Better Jobs
- Our first-of-its-kind report in 2020 details how clean energy jobs pay 25% better than the national median wage (including the majority of fossil fuel jobs), have higher unionization rates than the rest of the private sector, and are more likely to come with retirement and healthcare benefits. The analysis also includes data for every state and for 15 specific clean-energy occupations
For more information, please contact Michael Timberlake at (913) 645-9103 or [email protected].
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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 www.e2.org or follow us on Bluesky at @e2org.bsky.social and on X/Twitter at @e2org.