Economic Message of the Week: Report: Stimulus Has Boosted Clean Energy Economy and Jobs
According to the White House, President Obama's stimulus package, the American Recovery and Reinvestment Act (ARRA), created tens of thousands of clean energy jobs through 2009 amid as many as 2 million total, and raised the gross domestic product by 2 percent.
"A central piece of the ARRA is more than $90 billion in government investment and tax incentives to lay the foundation for the clean energy economy of the future," according to a White House press release. "This investment will help create a new generation of jobs, reduce dependence on oil, enhance national security, and improve the environment. Ultimately, the investments could help transform the United States into a global clean energy leader."
The ARRA, which included a range of spending and tax credits to jump-start the expansion of the clean energy sector and supporting jobs, is estimated to have "directly saved or created" 52,000 new clean energy jobs, with direct support for another 11,000, according to a report from the Council of Economic Advisors. These numbers are expected to improve as ARRA spending rises.
About $90 billion total from ARRA is earmarked for clean energy and energy efficiency. White House economists project that those investments will yield more than 700,000 'job hours', representing average jobs created per year under the stimulus period.