Advanced Energy Sector Roars Back to Life in Nevada
Friday, June 18, 2021
LAS VEGAS, Nev. -- A new report found President Joe Biden's infrastructure bill, the American Jobs Plan, would supercharge the economy in Nevada and across the nation.
The report, from a trade group called Advanced Energy Economy (AEE), found that the plan would create more than 10.7 million jobs nationwide associated with electric vehicles and charging infrastructure.
Ryan Gallentine, policy director for AEE, said Biden's proposed investment of $274 billion would be a force multiplier.
"Investments in electrified transportation programs yield a five-fold return for the economy," Gallentine reported. "So we found that it drives economic growth, it spurs private investments and creates jobs that accelerate the EV transition."
The report found the new tax dollars will create jobs in Nevada.
Already the broader advanced-energy sector, which includes energy efficiency, energy storage, solar, hydro, nuclear power and electric vehicles, employs more than 31,500 people in the state, more than twice the number who work in mining or oil and gas extraction. Almost half of those jobs are concentrated in Clark County, followed by Storey, Washoe, Douglas and Elko counties.
The report forecast Nevada will see 7% growth in the sector overall.
Gallentine predicted Biden's plan would deliver $1.3 trillion to the U.S. gross domestic product, and generate $231 billion in savings for consumers, governments and companies.
"For each dollar of public investment, it generates $2.60 of direct private investment," Gallentine explained. "So that's a good deal for consumers. It's a good deal for the U.S. economy, and it's something that should have bipartisan support in Congress."
The report also found, although the sector took a hit during the pandemic, jobs in Nevada's wind-power industry actually grew 6% in 2020, while employment in the electric vehicle market grew by 2%.
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