New clean energy projects continue to boost the American economy thanks to the federal Inflation Reduction Act (IRA). Since August 2022 — when the IRA was signed into law — companies have announced more than 274 new clean energy ventures in 41 states. This effort includes 11 large-scale clean energy and vehicle projects.
All of these projects also have a massive impact on local, regional, and state economies by triggering job market growth and invigorating local businesses.
These giant plans total more than $1 billion in private-sector investments and thousands of new clean energy jobs.
The jobs are expected to result in an additional $108 billion in investments.
“The IRA and other smart policies continue to prove that addressing climate change doesn’t hurt our economy, it helps it — driving jobs, investments, and economic growth in every corner of the country,” Bob Keefe, E2 executive director, said in a press release.
Photo Courtesy Governor Brian Kemp
Georgia leads the country in total number of clean energy projects announced with 26, followed by Michigan at 21, South Carolina at 21, and Texas at 21. The Peach State also leads in estimated new job announcements with nearly 15,000 work openings in renewables.
The impact continues nationwide, with Nebraska recently receiving its first major clean energy announcement since the IRA was passed.
The largest of these major endeavors include a $24 million investment from Hyundai in Coweta County, Georgia, Forge Nano’s $165 million battery project in Morrisville, North Carolina, and $500 million invested in next-generation propulsion systems manufacturing in Laurens County, South Carolina, by the ZF Group.
Photo Courtesy Governor Brian Kemp
“These types of major investments ultimately go to hardworking Georgians in the form of paychecks, improved schools and infrastructure, and more. Thank you to Hyundai Motor Group and LGES for again recognizing that the No. 1 state for business is a good investment,” shared Georgia Governor Brian Kemp.
The market and job growth is on target for estimates and, in fact, exceeds some predictions.
According to E2, in the first year of the IRA, projects would directly create more than 74,000 new jobs and generate $86.3 billion in private investments.
“North Carolina’s growing leadership in clean energy can be seen everywhere you look, and Forge Battery’s decision continues our momentum,” the state’s Gov. Roy Cooper said in a press release. “New jobs, new investment, and new opportunities for our people are coming fast as we embrace this vital new sector of the global economy.”
Photo Courtesy Governor Brian Kemp
The United States expects billions of dollars to be added to the gross domestic product every year as these new clean energy projects come online. Each new project not only spurs significant economic growth for cities, counties, states, and the nation as a whole, but it also helps clean up the global environment, including air, soil, and water. It also allows the U.S. to reach its net-zero carbon emissions goal by 2050.
“We’re in the biggest economic revolution we’ve seen in generations thanks to the Inflation Reduction Act and other clean energy policies,” Keefe said to the Associated Press.
