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Advanced Energy Expected to Boost NM 2021 Job Growth

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Wednesday, June 23, 2021   

ALBUQUERQUE, N.M. -- Advanced energy technologies, including solar, wind, electric vehicles and smart grid improvements, are expected to boost job growth in New Mexico by 7% this year, according to a new report.

The Advanced Energy Economy trade group estimates President Joe Biden's infrastructure bill, the American Jobs Plan, would create more than 10.7 million jobs nationwide.

Ryan Gallentine, policy director for the group, said the proposed investment of $274 billion would be a force multiplier.

"Investments in electrified transportation programs yield a fivefold 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."

Bernalillo County is expected to benefit the most from advanced energy jobs, around 6,000, followed by Santa Fe, Doña Ana, San Juan and Sandoval, for a total of more than 11,000 jobs.

Gallentine predicted Biden's plan would deliver $1.3 trillion to the nation'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."

Gallentine noted at the end of 2020, advanced energy was expected to provide more jobs in New Mexico than building construction and twice as many as telecom, with an annual yearly job growth of 4% moving forward. The report describes the investments as vital if the U.S. wants to meet its climate goals.

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