US export promotion, infrastructure, clean energy and efficiency investments, 2019-2024
| 2019 | 2024 | Change | Percent change | |
|---|---|---|---|---|
| (billions of dollars per year) | ||||
| U.S. total exports | $1,643.2 | $2,704.9 | $1,061.7 | 64.6% |
| U.S. general imports | $2,497.5 | $2,704.9 | $207.4 | 8.3% |
| U.S. trade balance | -$854.3 | $0.0 | $854.3 | |
| Infrastructure Investments (per year) | $0.0 | $250.0 | $250.0 | |
| Climate, 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 | |||
| Total respending (60% of new domestic spending) | $812.6 | |||
| U.S. trade- and investment-related jobs supported and displaced (thousands of jobs)–Direct, Indirect and respending jobs | ||||
| 2019 | 2024 | Change | Total jobs with induced respending | |
| U.S. total exports–jobs supported | 7,507.4 | 12,210.3 | 4,702.9 | |
| U.S. general imports–jobs displaced | 12,647.4 | 13,842.1 | 1,194.7 | |
| U.S. trade balance–net jobs gained or lost | -5,140.0 | -1,631.8 | 3,508.2 | 6571.6 |
| Infrastructure Investments (permanent job gains*) | 0 | 2,071.6 | 2,071.6 | 3880.6 |
| Climate, clean energy and efficiency investments (permanent job gains*) | 0 | 1,315.4 | 1,315.4 | 2464 |
| Total direct and indirect jobs created | 6,895.2 | 12916.2 | ||
| Respending jobs | 0 | 6,021.0 | 6,021.0 | |
| Range of potential, jobs creation, including respending | 6,895.2 to 12,916.2 | |||
Notes: Investments and spending at these levels will support continuing employment as long spending is sustained at level in future years. For example, Joe Biden announced a plan for $2 trillion investments over four years in clean energy and strengthening infrastructure (Glueck and Friedman 2020).
Source: Authors’ analysis of American Community Survey (ACS) data (U.S. Census Bureau 2019a and 2020a), USITC 2020, Bureau of Labor Statistics Employment Projections program 2020a, and author's projections for trade in 2020; and Pollin, Garrett-Peltier, Heintz and Hendricks 2014, Pollin and Chakraborty 2020, and Chakraborty (personal communication 2020) for infrastructure and climate investments. For a more detailed explanation of data sources and computations, see the appendix.
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