Nuclear Plant Federal Loan Guarantee Will Create Jobs

[Guest NAM]

Following the announcement by President Obama and the U.S. Department of Energy to issue federal loan guarantees for two new nuclear reactors, National Association of Manufacturers (NAM) President John Engler issued the following statement:

 

"Manufacturers support a robust nuclear power industry because it is a reliable low-cost, clean energy that supports a sustainable growth agenda and helps manufacturers compete globally. The Administration’s actions today not only speed up construction on the first two new nuclear reactors to be built in the United States in nearly 30 years, but will give a much needed boost to U.S. manufacturing while creating thousands of high- paying jobs.

 

Estimates show that adding a new nuclear plant can bring $500 million a year to the economy, and employees at the nuclear facility can earn an average of 36 percent more than average earnings in surrounding communities. Further, once a nuclear plant is up and running it can generate between 400 and 700 jobs locally.

 

Nuclear energy already provides 20 percent of U.S. electricity and 5.9 percent of the world’s electricity. And as energy costs continue to rise and demand increases, it makes sense to focus on nuclear energy, as it is the lowest production cost of the major sources of electricity and the most efficient on the electricity grid.

 

Recently, the NAM released a study it conducted with the respected and independent Milken Institute on job creation and economic growth. It shows that every $1 billion invested in nuclear energy creates more than 26,400 jobs across all sectors, only reinforcing the impact we can have by investing in this area.

 

Finally, diversifying our domestic energy supplies will help jump-start our economy and reduce our dependence on foreign supplies. We commend the President and the Administration for taking this important step and look forward to the process moving forward to get these two new nuclear reactors up and running.”