{"id":10094,"date":"2023-08-18T18:48:54","date_gmt":"2023-08-18T18:48:54","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/how-women-benefited-from-the-inflation-reduction-act-year-one\/"},"modified":"2023-08-18T18:48:55","modified_gmt":"2023-08-18T18:48:55","slug":"how-women-benefited-from-the-inflation-reduction-act-year-one","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=10094","title":{"rendered":"How Women Benefited From The Inflation Reduction Act \u2013 Year One"},"content":{"rendered":"
\n

How has the Inflation Reduction Act performed for the U.S. economy? As its billions of dollars, plus those from the Infrastructure Reinvestment and Jobs Act and the CHIPS and Science Act \u2013 a combined $3.5 trillion approximately \u2013 starts landing across the country, its impact and benefits are happening faster than expected, according to private sector economists.<\/p>\n

\u201cWe were expecting infrastructure spending to hit in 2024 and 2025, but it\u2019s making its way through the economy much faster than that,\u201d Diane Swonk, chief economist for KPMG told the Washington Post. \u201cWe\u2019re getting renewed strength from infrastructure spending and other stimulus that is adding to the economy in a big way.\u201d<\/p>\n

This funding requires recipients to ensure and track what kinds of jobs, who gets them, and being accessible to all demographics, including women, so we will know how women and women-owned businesses benefit.<\/p>\n

Here are some facts about the economic impact of the Inflation Reduction Act, including on women: <\/strong><\/p>\n

\u00b7 6 million<\/strong>: The BlueGreen Alliance estimated that the IRA\u2019s impact includes, \u201cmore than 6 million jobs created over the next 10 years by grants, loans, and tax credits and nearly 3 million jobs stimulated by new loan guarantee authority for the U.S. Department of Energy. The bill\u2019s broad investments will also help sustain the millions of existing jobs in the clean economy.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

These include jobs in clean energy, and what they call \u201cclean manufacturing,\u201d \u201cclean transportation,\u201d and in building efficiencies, \u201cnatural infrastructure\u201d and environmental justice. The justice jobs are likely a result of the Biden Administration\u2019s Justice40 initiative, which requires 40% of the benefits of projects to go to disadvantaged communities.<\/p>\n

\u00b7 170,000+:<\/strong> That\u2019s the number of jobs the White House says, \u201cInvestments in clean energy and climate since the Inflation Reduction Act was signed into law have created.\u201d The Energy Dept.\u2019s latest \u201cU.S. Energy and Employment Report says, \u201cThe energy sector added nearly 300,000 jobs, increasing from 7.8 million total energy jobs in 2021 to more than 8.1 million in 2022.\u201d<\/p>\n

\u00b7 Over 50%:<\/strong> \u201cThough women are underrepresented in the U.S. energy sector, they made up more than half of the new workers in 2022,\u201c according to the Energy Dept. report.<\/p>\n

\u00b7 1.5 million+:<\/strong> That\u2019s how many additional jobs NGO\u2019s say the law\u2019s funding \u201cis projected to create\u201d over the next 10 years. The Labor Energy Partnership (a partnership between the AFL-CIO and the Energy Futures Initiative \u201cmodeled key provisions and spending of the Inflation Reduction Act (IRA)\u201d to estimate its impact and reports that, \u201cthe IRA will create an additional 1.5 million more jobs in the U.S. economy by 2030 compared to a Business as Usual (BAU) scenario.\u201d<\/p>\n

\u00b7 $1 billion<\/strong>: That\u2019s how much the White House says it has already awarded to \u201chelp communities become more resilient and protect them from the disastrous impacts of climate change, including drought, heat, and extreme weather.\u201d<\/p>\n

\u00b7 $27-38 billion<\/strong>: That\u2019s how much the Biden Energy Department estimates that American families will save on their electricity bills \u201cfrom 2022-2030 relative to a scenario without the Inflation Reduction Act.\u201d<\/p>\n

\u00b7 $242 billion<\/strong>: That\u2019s the amount that companies have announced in new clean power capital investments since the IRA was passed, including for \u201cat least 191 new clean energy projects in 41 states, as documented by Climate Power,\u201d according to the Center for American Progress (CAP).<\/p>\n

\u00b7 66<\/strong>: This is the number of new battery manufacturing sites in the U.S. announced so far \u2013 65, according to the Center for American Progress in places like Tucson, Arizona; Rochester, New York; and Florence County, South Carolina. Plus, General Motors announced a new battery plant being built in Indiana.<\/p>\n

\u00b7 40<\/strong>: This is the number of new or expanded electric vehicle manufacturing facilities, including in Savannah, Georgia, and Montgomery, Alabama.<\/p>\n

\u00b7 34<\/strong>: These are expanded wind and solar manufacturing in places such as Pensacola, Florida; Hutchinson, Kansas; and Georgetown, Texas.<\/p>\n

\u00b7 993,000<\/strong>: That\u2019s how many more mothers were working in December 2022 than in December 2021, according to CAP.11<\/sup><\/p>\n

\u00b7 $562 million<\/strong>: That is the amount that The National Oceanic and Atmospheric Administration (NOAA) awarded with funding from both the Inflation Reduction Act and Infrastructure Investment Act to help local communities increase their resilience to climate change, which will directly help protect families.<\/p>\n

How many of these contracts go to women-owned business?<\/strong><\/p>\n

That is yet to be determined because the money is in the process of flowing out. The White House CEA added that, \u201cThe Small Business Administration aims to award at least 5% of all federal contracting dollars to women-owned small businesses each year. In 2022, to help meet this goal, it expanded to 140 Women\u2019s Business Centers \u2013 the most in the Agency\u2019s history – to provide extensive-on-the-ground expertise, in addition to 68 district offices and over 1,000 resource partners centers. And under President Biden, the SBA released disaggregated data across industries and sectors by race and ethnicity for the first time\u2014and helped deliver contracting reforms that will require federal agencies to track and publicly report how they\u2019re bringing in new contractors, develop diversification strategies, and open doors for more underserved firms.\u201d<\/p>\n

Will these economic benefits resonate with the American people, and voters? <\/strong><\/p>\n

They seem to be. A Navigator study found that 65% support the Inflation Reduction Act, including 64% of Independents and 35% of Republicans. A Yale study found 68% of registered voters support the IRA, including 75% of women, once they understood what was in it.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How has the Inflation Reduction Act performed for the U.S. economy? As its billions of dollars, plus those from the Infrastructure Reinvestment and Jobs Act and the CHIPS and Science Act \u2013 a combined $3.5 trillion approximately \u2013 starts landing across the country, its impact and benefits are happening faster than expected, according to private […]<\/p>\n","protected":false},"author":1,"featured_media":10095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-10094","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nHow Women Benefited From The Inflation Reduction Act \u2013 Year One | Brandiary<\/title>\n<meta name=\"description\" content=\"How has the Inflation Reduction Act performed for the U.S. economy? 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