US | Biden’s American Jobs Plan offers lots of fuel for growth
As proposed, President Joe Biden’s American Jobs Plan would brighten the US industrial and regional outlook. Model simulations indicate the stimulus could benefit the manufacturing and construction sectors most, raising their output around 3.5% by the end of 2023.
What you will learn:
- Our modeling indicates that the proposed American Jobs Plan (AJP) would deliver the greatest boost to the manufacturing industry, propelling faster growth by about 1.8ppts on average in 2022 and 2023. This stimulus would also create an additional 290k manufacturing jobs by year-end 2023 relative to a no-stimulus scenario.
- The AJP would also strengthen services, most significantly professional and business services. Activity in the professional and business services industry would grow 1.3ppts faster on average in 2022 and 2023.
- Among the largest state economies, California, Georgia, Michigan, and North Carolina would benefit the most. These states would experience a 1ppt increase in output growth in 2022 and 2023. At the metro level, activity in the San Francisco Bay area would receive the strongest gains.
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