Powering America cites the utility industry as the most capital-intensive economic sector, investing more than $100 billion a year on the nation’s electricity infrastructure with advances in technology, environmental protections and other improvements. And that’s in addition to money spent on regular operations and maintenance.
All that adds up to supporting more than 7 million jobs. More than 2.6 million of those jobs result from direct employment, like utility employees and contractors. As all those people go to work and live their lives, they create another 4.4 million “induced jobs” — teachers, doctors, real estate agents and service workers.
The report calculates the economic impact of the electric power industry at $880 billion-about 5 percent of the nation’s $18 trillion Gross Domestic Product.