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

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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.



Sector Total Construction Phase Jobs (Annual jobs for 5 years) Annual Operations Phase Jobs (Annual jobs for lifetime of projects)
EV 23,678 5,208
Electrification, Grid, and Transmission 303 32
Battery / Storage 588 124
Total 24,569 5,365
Sector Total Capital Investment ($millions) Extrapolated Capital Investment ($millions) Total Capital Investment ($millions) Annual Operational Investment ($millions)
EV $9,663.70 $- $9,663.70 $966.37
Electrification, Grid, and Transmission $- $146.40 $146.40 $13.42
Battery / Storage $240.00 $- $240.00 $24.00
Total Capital Investment $9,903.70 $146.40 $10,050.10 $1,003.79


This analysis provides a thorough economic prediction of the impacts of the nine announcements by filling in the gaps of publicly announced information. Modeled impacts differ from initial estimates offered by companies announcing new projects, tracked by E2. One of the nine announcements provided no capital investment estimate and two provided no job creation estimate. Additionally, those estimates were inconsistently defined, lacking clarity on if they are direct jobs only or direct, indirect, and induced jobs, and if they were for construction or permanent positions.

To analyze these economic impacts from the clean energy programs and policies in the IRA, BW Research used IMPLAN economic modeling software to estimate the overall economic benefits from publicly sourced clean energy project announcements. BW Research developed a dozen economic impact models in total to represent six tracked sectors: Solar, Wind, Electric Vehicle (EV), Electricity Transmission & Distribution (Electric T&D), Battery Storage, and Clean Fuels. Based on this common methodology and assumptions, BW generated outputs at the national level, including earnings, tax revenue, employment and overall GDP value add.

For more information on methodology, see Appendix B in the report. For the list of all nine projects tracked by E2 in the first year of the IRA, see Appendix C.

For the latest full list of clean energy job announcements tracked by E2, visit

About E2

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. E2 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 additional insight into E2’s other reports, visit

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