At least $86 billion in investments have been announced, with the biggest job gains in expected in the electric vehicles, battery storage and solar energy sectors, said the report issued this week by Environmental Entrepreneurs (E2).
The IRA, signed August 2022, contains $500 billion in new federal spending to lower healthcare costs, increase tax revenues and address climate change by offering incentives so clean tech companies innovate and manufacture in the U.S.
“We’re in the biggest economic revolution we’ve seen in generations thanks to the Inflation Reduction Act and other clean energy policies,” said E2 executive director Bob Keefe.
The EV sector had the strongest response to the IRA and represents 58% of investments when the projects were being announced. This sector is expected to support 185,700 jobs annually for five years. Battery storage is expected to support 48,000 jobs, and solar is expected to support 35,000, both annually for five years.
New jobs indirectly related to the announced projects could include lumber mills hiring more staff to handle growing demand for construction materials and restaurants getting busier because construction workers at new factories are starting to eat there.
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