2022 Was a Year of Historic Economic Growth Under President Biden’s Leadership
FOR IMMEDIATE RELEASE: January 6, 2023
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2022 WAS A YEAR OF HISTORIC ECONOMIC GROWTH UNDER PRESIDENT BIDEN’S LEADERSHIP
CBS: U.S. added 223,000 jobs in December, capping off strong 2022
CNBC: Nonfarm payrolls rose 223,000 in December, as strong jobs market tops expectations
WASHINGTON, D.C. — Today’s jobs report caps off a historic year of growth in 2022: under President Biden’s leadership, 4.5 million jobs were created last year, the unemployment rate dropped to its lowest point in 50 years, and average hourly wages increased by 4.6%. From historic infrastructure projects to new manufacturing investments, the president’s bipartisan policies are creating good-paying union jobs across the country that don’t require a college degree.
“President Biden’s economic plan delivered historic growth for working Americans in 2022, and he’s not done yet,” said Building Back Together Executive Director Danielle Melfi. “As the president said this week, he remains laser-focused on lowering costs and creating opportunities for middle class families across the country – and his approach of growing the economy from the bottom up and middle out is working. The bipartisan legislation he’s signed is creating jobs and spurring economic growth in all 50 states, and he’s going to keep building on this progress moving forward.”
Workers in America have higher wages and greater opportunities thanks to President Biden’s policies.
- The December jobs report shows 223,000 jobs added to our economy, bringing the total for 2022 to 4.5 million jobs created.
- Unemployment has dropped below 4.6%, the lowest in 50 years, including near-record low unemployment for Black and Latino Americans and record low unemployment for those with disabilities.
- Not only are Americans back to work, but wages are on the rise, with average hourly wages increasing by 4.6% in 2022.
- Since President Biden took office, more than 10.5 million jobs have been created across our economy, including 750,000 manufacturing jobs.
- This includes 6.6 million jobs in President Biden’s first year alone – record-breaking growth for any president’s first year in office.
Recent economic data underscores that President Biden’s plan to build the U.S. economy from the bottom up and middle out is working.
- The most recent GDP report exceeded growth expectations, showing the resilience of our economy.
- The latest inflation report shows prices continuing to come down.
- Consumer spending has increased as inflation is easing heading into the holiday shopping season.
Thanks to the CHIPS and Science Act, the Inflation Reduction Act, and other key elements of the president’s agenda, manufacturing jobs are coming back to the U.S. from overseas.
- In recent months, we’ve seen historic investments by American companies to create manufacturing jobs here at home, including:
- IBM is investing $20 billion over the next ten years to build semiconductors and quantum computers in New York – creating an estimated 10,000 jobs.
- Micron is investing $100 billion to build a massive semiconductor facility in New York, a project expected to create 50,000 jobs.
- Micron is investing $15 billion to build a new memory-chip manufacturing facility in Idaho.
- TSMC is building a $12 billion semiconductor facility in Arizona.
- First Solar, the largest American solar panel manufacturer, recently announcedplans to increase their domestic production by around 75%.
- AT&T announced the first fiber-optic manufacturing facility in the U.S.
- Honda and LG announced a $4.4 billion solar manufacturing plant in Ohio.
- The Inflation Reduction Act President Biden signed will build on this growth and spur further manufacturing investments, creating an estimated 9 million jobs over the next decade, an average of nearly 1 million jobs every single year.