The new report from the Political Economy Research Institute at the University of Massachusetts-Amherst estimates that the combined investments in the Bipartisan Infrastructure Law (BIL), Inflation Reduction Act, and CHIPS and Science Act (CHIPS) will support nearly 3 million jobs per year and 19 million job-years over their lifetime. This represents a major expansion in overall job opportunities throughout the U.S. economy, equal to nearly 2% of the current U.S. workforce. Continuing with these employment gains through BIL, Inflation Reduction Act, and CHIPS investment programs can also contribute toward sustaining the current historically low unemployment rate in the United States.
The pace and scope of this job creation is already spurring urgent action by policymakers and businesses to ensure a sufficient supply of skilled workers. Without a qualified workforce, businesses won’t be able to complete the clean energy and infrastructure projects catalyzed by these investments in a timely fashion. This would hurt local and state economies, workers, and climate mitigation.
Policymakers and other stakeholders shaping the implementation of these new investments now have a powerful opportunity to boost economic security and job quality, redress longstanding injustices in communities that have endured decades of disinvestment, and expand the universe of workers who are prepared for and actively pursuing employment in a range of sectors. Well-designed, intentional job quality and workforce development strategies—supported by complementary investments—can ensure an ongoing supply of skilled workers, boost workers’ economic security, and include communities and workers that have previously been shut out of economic advancement.
Read the full Executive Summary at the link below.