New report finds electric power industry supports more than 7 million American jobs
The electric power industry supports more than 7 million American jobs, equivalent to about 5 percent of all jobs in the U.S., according to a detailed analysis of the role that electric companies play in the nation’s labor force and economy.
M.J. Bradley & Associates released the report and analysis was conducted for the Edison Electric Institute (EEI), the American Public Power Association (APPA), and the National Rural Electric Cooperative Association (NRECA), and features employee profiles illustrating the high-quality jobs in the industry.
Specifically, the report finds that the electric power industry directly provides nearly 2.7 million jobs nationwide through its employees, contractors and supply chain, and investments. More than 4.4 million additional jobs are supported through the induced effects of these jobs.
It also reinforces that the industry underpins many other sectors of the economy, contributing $880 billion annually to the U.S. GDP, or 5 percent of the GDP.
Additional findings from the report show that about 1 in every 20 jobs in America depends on the electric power industry. The average job in the industry pays twice the national median wage and has a long history of hiring military veterans. Regarding infrastructure investment, significant annual investments by the electric power industry to build smarter energy infrastructure and to continue to transition to even cleaner electric generation sources are expected to exceed $100 billion annually for the next several years.
“Affordable and reliable electricity is the heartbeat of the American economy and is essential to the nation’s economic growth,” said NRECA CEO Jim Matheson. “As not-for-profits owned by the members we serve, our broader purpose is to empower local communities to thrive. Co-ops are proud to continue recruiting top-tier talent from local communities as we work to meet tomorrow’s energy needs.”
Source: M.J. Bradley & Associates