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December 6, 2010

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NEWS HEADLINES

Report: ARRA Contributes 2.7 Percent to Nation’s GDP

The American Recovery and Reinvestment Act (ARRA) added 2.7 percent to the third-quarter Gross Domestic Product level and by some measures has exceeded the original goal of creating or saving 3.5 million jobs by the end of 2010, according to a report released last month by the federal Council of Economic Advisers (CEA).

According to CEA, the act has raised employment by 2.7 to 3.7 million jobs as of the third quarter, with eight states—California, Florida, Illinois, Michigan, New York, Ohio, Pennsylvania, and Texas—reporting more than 100,000 Recovery Act jobs each.

The fifth quarterly CEA report on ARRA’s impact shows that public investment spending—which includes transportation, clean energy, and other infrastructure projects—was responsible for more than one million jobs nationwide through the third quarter of 2010. The quarter also was the biggest yet for public investment spending, accounting for outlays of more than $33 billion.

The complete text of the report is available online.

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