Annual economic and employment impacts of promoting U.S. exports and investing in infrastructure, clean energy, and energy efficiency by 2024
|Economic impact (billions of dollars)|
|U.S. total exports (before and after export promotion policies)||$1,643.2||$2,704.9||$1,061.7||64.6%|
|U.S. general imports (before and after export promotion policies)||$2,497.5||$2,704.9||$207.4||8.3%|
|U.S. trade balance (before and after export promotion policies)||-$854.3||$0.0||$854.3|
|Infrastructure investments (per year)||$0.0||$250.0||$250.0|
|Clean energy and efficiency investments (per year)||$0.0||$250.0||$250.0|
|Total new spending on domestic goods and services (per year)||$1,354.3||$1,354.3|
|Total respending (60% of new domestic spending of $1,354.3 billion)||$812.6|
|2019||2024||Change||Total jobs with respending|
|U.S. total exports–jobs supported (before and after export promotion policies)||7,507,400||12,210,300||4,702,900|
|U.S. general imports–jobs displaced (before and after export promotion policies)||12,647,400||13,842,100||1,194,700|
|U.S. trade balance–net jobs supported (before and after export promotion policies)||-5,140,000||-1,631,800||3,508,200||6,571,600|
|Infrastructure investments (permanent jobs supported*)||0||2,071,600||2,071,600||3,880,600|
|Climate, clean energy and efficiency investments (permanent jobs supported*)||0||1,315,400||1,315,400||2,464,000|
|Total direct and indirect jobs supported||6,895,200||12,916,200|
|Range of potential jobs supported, including respending||6,895,200 to 12,916,200|
* Investments and spending at these levels will support continuing employment as long as spending is sustained at this level in future years.
Note: Table estimates reflect changes in trade due to export promotion policies from baseline year 2019 and a four-year, $500 billion annual investment plan beginning in 2021.
Source: Authors’ analysis of employment requirements overall and by industry (BLS-EP 2020a) applied to trade data (USITC 2020), authors’ trade projections, and infrastructure and clean energy/energy efficiency investments at the allocations specified in Pollin and Chakraborty 2020. For a more detailed explanation of data sources and computations, see Table 1 and the text and the appendix in this report.