Swing States Net Half of $114 Billion in Inflation Reduction Act Factory Investment
(Bloomberg) -- About $114 billion in clean-tech investment has been announced by manufacturers since the Inflation Reduction Act passed in 2022, with almost half the spending in political swing states, according to a BloombergNEF report.
Most Read from Bloomberg
A Million Simulations, One Verdict for US Economy: Debt Danger Ahead
Trump Got His $175 Million Bond From a Billionaire Fan’s Company
President Joe Biden’s climate law has been central to the upcoming election. No Republicans voted for it and Donald Trump has indicated he’ll challenge it. The IRA has jump-started economic development and job creation in states that are crucial in a presidential election, but it’s unclear whether the new manufacturing will translate into votes.
Some $53.6 billion, or almost half of the announced clean-tech factory spend, is planned for six swing states: Arizona, Georgia, Michigan, Nevada, North Carolina and Pennsylvania.
The investments include factories to build electric vehicles, big batteries and components for wind and solar farms. Different swing states have attracted investment for various reasons, with manufacturers drawn to Michigan for its large labor force and low-cost power and Georgia for its regulatory and fiscal support from local governments, according to the report.
Read more: Red States to Reap the Biggest Rewards From Biden’s Climate Package
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
