In the year since the U.S. Inflation Reduction Act (IRA) was signed into law, companies announced 210 major new clean energy projects. If completed, the projects would create at least 74,181 new jobs and bring a minimum of $86.3 billion in new private investment to 38 states, according to a new report from E2 (Environmental Entrepreneurs), a national nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment.

Based on publicly available information analyzed by E2 of new projects announced since August 16, 2022, Southeast states and Republican congressional districts are benefitting the most from the IRA. Nearly 80 major clean energy and clean vehicle projects are in development or have already broken ground in the Southeast, with 18 of the top 20 congressional districts for clean energy investments represented by Republicans, all of whom voted against the IRA.

Electric vehicle (EV) and battery factory announcements led with the most announcements, with companies announcing more than 130 EV and battery projects in the past year. Foreign companies announced nearly half of all projects, bringing international investments to the U.S. and creating jobs here instead of sending them overseas.

“It’s only been a year since the IRA was signed into law, and we’re already seeing the biggest economic boom in America in generations,” said Bob Keefe, Executive Director of E2. “We are re-energizing communities left behind by previous economic transitions and creating more jobs and attracting more investments than anyone expected. The only thing that can stop this clean economy revolution is us. Members of Congress intent on repealing and rolling back the IRA just to score political points should remember the jobs, investments, and opportunities being created in their own backyards before trying to kill the game-changing policy that’s making it all possible.”

Among the report’s highlights, U.S.-based companies led or were involved with 118 announced projects, with announcements made by companies based in Michigan (20 announcements), California (17), Massachusetts (11), North Carolina (11), Texas (10), and Arizona (8). Foreign companies led or were involved with nearly 100 announced projects, with announcements led by those based in South Korea (25), Canada (12), Japan (11), Germany (10), and China (6). Four announcements were made by companies based in each of Italy, Norway, and Switzerland.

Seven states are home to 10 or more projects, including Georgia (19), South Carolina (18), Michigan (18), Ohio (13), Tennessee (12), Texas (11), and New York. Fifteen states are home to at least five projects or more. Manufacturing accounted for 171 of the 210 projects, 91% of total new estimated private investments, and 95% of the estimated new jobs added by all projects.

Of all new projects announced since the IRA was signed into law, EV (electric vehicle)-related projects accounted for more than 45% (97), 62% of estimated jobs, and nearly two-thirds of estimated investments. The solar energy sector produced the second most announcements (44), followed by the battery and storage technology sector (35).

Adding to the IRA good news story was the Electrification Coalition, a nonpartisan, nonprofit organization that promotes policies and actions to facilitate the widespread adoption of plug-in EVs.

The organization says that the IRA has created “generational levels of investment” in transportation electrification and a seismic shift in the future of transportation. Its related investments cross political boundaries, benefit red and blue states, and put resources in the hands of local decision-makers, who are taking action and passing state and local policies aligning with these federal investments. The U.S. is seeing greater numbers of EV models available on the market, rapidly growing charging infrastructure, an increasing number of electric medium- and heavy-duty vehicles, and additional manufacturing of vehicles, batteries, and charging equipment.

“The United States is in a global race with China to see who will build the future of transportation,” said Ben Prochazka, Executive Director of the Electrification Coalition. “Thanks to the Inflation Reduction Act, we are in a much better place than we were two years ago. We want Americans to build the next generation of vehicles that Americans will be driving.”

According to the Electrification Coalition, the IRA extended tax credits for light-duty EVs and charging equipment, created new tax credits for used and commercial EVs, and provided vital support for EV manufacturing and supply chains in the U.S. The revised 30D light-duty EV tax credit included new stipulations that, to receive the credit, vehicles must have a final assembly in North America, a percentage of battery components must be manufactured or assembled in North America, and a percentage of critical minerals must be mined or processed in the U.S. (or countries with which the U.S. has a free trade agreement) or be recycled in North America.

“The Inflation Reduction Act has secured billions of dollars for the electric vehicle industry, expanding clean energy efforts and manufacturing jobs in the U.S.,” said Brian Robb, Government Relations Director with Lion Electric. “As a result of these investments and commitments, this summer Lion Electric officially opened its 900,000-ft² Joliet, IL, facility—the largest, all-electric U.S. plant dedicated to medium and heavy-duty commercial vehicle production. At full scale, the plant will have an estimated production capacity of 20,000 vehicles per year in a combination of both zero-emission school buses and electric trucks, which the company expects will lead to nearly 1400 skilled workers.”

Some of the key investments identified by the Electrification Coalition include:

Freyr CEO Tom Jensen said that IRA incentives have made U.S. production three times as profitable as in the company’s home country of Norway.

Public investment clearly is a catalyst for private investment, according to Bridget Sanderson, Campaign Coordinator for the Coalition Helping America Rebuild and Go Electric (CHARGE), which includes more than 55 members from the public, private, and non-profit sectors that support an equitable transition to cleaner transportation options.

“We need more of this investment to go toward communities where it can do the most good for more people, like environmental justice communities and mobility deserts,” she said. “We can’t stop at the IRA; we need to keep moving forward to cut pollution and save people money.”

The Electrification Coalition says that the IRA is also making the U.S. stronger and safer by reducing the nation’s century-old reliance on oil for transportation, which has led to numerous national and economic security risks. In contrast, electricity is produced through diverse and domestic sources and has less price volatility than oil—and plugging into the grid is cleaner and cheaper.