Infrastructure Bill to Generate $1.33 Trillion Economic Impact
HUNTERSVILLE, N.C., Sept. 2, 2021 /PRNewswire/ -- An economic impact analysis from IMPLAN Group has found that, if passed in the House of Representatives, the Infrastructure Investment and Jobs Act would generate $1.33 trillion in nationwide economic impact.
IMPLAN Group LLC, the leading provider of economic impact data and technology, has performed an economic analysis on the bill's proposed $550 billion in spending in order to determine the broader impact of the government's investment in roads, railways, bridges, and broadband internet.
Using NPR's breakdown of spending by category and the Washington Post's predictions for how the spending will be split over the next few years, model specifications were established to calculate the bill's impact on jobs, labor income, national gross domestic product, and taxes.
Economic impact analyses estimate the ripple effects that a change in a given industry's activity has on interdependent industries. Economic impact totals include the economic activity of the analyzed industry, the businesses supported in their supply chain, and the effect of the household spending of labor income earned in each layer of the activity, after accounting for taxes and savings. IMPLAN's analysis found that the infrastructure bill would support a total of 998,826 jobs annually and $383 billion in labor income.
The analysis estimated that the bill would support over $86 billon in federal tax dollars, or 15.75% of the total investment. The bill's impacts would amount to $686 billion in National Gross Domestic Product.
All economic impact figures result from an analysis-by-parts performed using 2019 IMPLAN data, reported in 2021 dollars. Results do not take into consideration any associated opportunity costs.
Check out IMPLAN's blog for a comprehensive look at the results of this analysis and caveats and considerations for setting up this research.
About IMPLAN Group
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SOURCE IMPLAN Group
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