Economic Impact of Stimulus Investment in Transportation Electrification

Posted by Reports on Jun 14, 2021 10:09:00 AM

Publish Date: June 14, 2021

This report analyzes the potential allocation of federal stimulus dollars to electrification of the transportation sector and its resulting economic impact. 

Recent federal stimulus proposals include significant investment in advanced energy technologies, with a strong focus on electrification of the transportation sector through support for the purchase of electric vehicles (EVs) by government, businesses, and the general public, as well as investments to spur rapid deployment of EV charging infrastructure.

These investments would be designed to induce coincident private investment and jumpstart a rapid transition to the adoption of EVs by individuals, municipalities (including school districts and transit agencies), state and federal government agencies, and businesses with large vehicle fleets.

Key Take-Aways

An investment of $274 billion
 would produce the following economic benefits:

  • $1.3 trillion added to the national GDP – a nearly five-times return on public investment;

  • 10.7 million jobs created, measured in job-years, including positions in vehicle and battery manufacturing;

  • $231 billion of additional tax revenue to federal, state, and local governments; and

  • $19 billion in consumer, governmental, and business savings, annually, from switching to EVs.

For more information, download the report to find out how stimulus investments in electrification of the transportation sector can generate important and positive economic benefits across the U.S.

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Topics: Advanced Transportation, Advanced Energy Employment, Economic Impact