Green Job Trends
A number of recent reports show job growth attributed to the stimulus measures: The Council of Economic Advisors (CEA) shows a creation/retention of 2.5 to 3.6 million jobs over what it would otherwise have been; nearly one million of those jobs in clean energy or a related field. The Congressional Budget Office (CBO)’s May report indicates that the Recovery Act has created between 1.2 million and 2.8 million workers, and projects up to 3.7 by the end of Q3.
The fiscal stimulus increased substantially in the first quarter of 2010 and further in the second quarter (from $80 billion in the fourth quarter of 2009 to $108 billion in the first quarter of 2010 to $116 billion in the second quarter of this year). Government investment in areas such as infrastructure, clean energy, and communications technology increased by roughly 50 percent between the first and second quarters of 2010.
According to statistics from Dow Jones VentureSource, $7.7 billion of venture capital was invested in 744 deals for U.S.-based companies during the second quarter of 2010. This is the highest quarterly total for capital invested since $8.4 billion was put into 699 deals during the third quarter of 2008. Venture capital and private equity investment in clean technology and renewable energy companies was $5 billion in the second quarter of 2010, approximately 45 percent over Q2 2009.
This public and private investment means jobs. The CEA reports on public jobs saved or created in the first two quarters of 2010, with a total projection though 2012. Clean Energy jobs top the chart with 141,400 jobs saved/created in Q1 this year, and 190,700 in Q2.
In terms of the dollars invested via the Recovery Act, the CEA report documents the following:
Clean Energy is a central piece of the recovery Act, more than $90 billion in government investment and tax incentives to lay the foundation for the clean energy economy of the future. These clean energy investments are:
- $29 billion for Energy Efficiency, including $5 billion to pay for energy efficiency retrofits in low-income homes;
- $21 billion for Renewable Generation, such as the installation of wind turbines and solar panels;
- $10 billion for Grid Modernization to develop the so-called “smart grid” that will involve sophisticated electric meters, high-tech electricity distribution and transmission grid censors, and energy storage;
- $6 billion to support domestic manufacturing of advanced batteries and other components of Advanced Vehicles and Fuels Technologies;
- $18 billion for Traditional Transit and High-Speed Rail; $3 billion to fund crucial research, development, and demonstration of Carbon Capture and Sequestration technologies;
- $3 billion for Green Innovation and Job Training to invest in the science, technology, and workforce needed for a clean energy economy;
- +/-$2 billion in Clean Energy Equipment Manufacturing tax credits that will partner with private investment to increase our capacity to manufacture wind turbines, solar panels, electric vehicles, and other clean energy components domestically.
The Recovery Act also allocates $23 billion to Environmental Cleanup and Preservation.
- $6 billion to recapitalize states’ clean water and drinking water revolving funds, providing financing for 3,000 projects that will lead to cleaner water and safer drinking water.
- $600 million to the EPA for help in cleaning up Superfund sites.
- At the Department of the Interior, Recovery Act dollars are helping to restore landscapes and habitat, reduce the likelihood of wildfires and floods, and perform needed maintenance in our National Parks.
- The Army Corps of Engineers received more than $4 billion for a variety of upkeep and restoration projects.