ECONOMY WEEKLY - WEEK OF DECEMBER 14, 2009

For Immediate Release:

December 18, 2009

Contact:Katie Grant
Stephanie Lundberg
(202) 225 - 3130



“All over our country this holiday season, Americans who lost their jobs in the Great Recession are looking for work. Today the House answered with some productive ideas to respond to this great need, offering new initiatives including repairing our roads and bridges, providing relief to Americans who have lost their jobs and preventing layoffs at the state and local level…. Some may think standing by and taking no action is the right approach, but for the millions of Americans still out of work, inaction is unacceptable.”

– President Barack Obama, 12/16/2009
 
Economy Highlight:


• The Commerce Department reported Wednesday that the housing market rebounded in November, with new construction increasing across the country. “New construction on U.S. housing units rebounded in November … and analysts said the upward trend would continue as long as tax-breaks for first time home buyers remain in place.” [MarketWatch, 12/16/09]
 


Recovery Highlights:


• A report from the White House Office of Energy and Climate Change indicates that Recovery Act spending will create clean energy jobs, including: 253,000 jobs in renewable generation and advanced energy manufacturing; 17,000 jobs generated by advanced energy manufacturing facilities; thousands of jobs by December 2010 as part of renewable energy projects on federal lands; and 43,000 new jobs as a result of smart grid investments.  [Office of the Vice President, 12/15/09]


• Vice President Biden announced $7.2 billion in Recovery Act funds will be used for broadband grant and loan programs in rural areas, including $2 billion that will “be made available on a rolling basis over the next 75 days to bring high-speed Internet to communities that currently have little or no access to the technology.” Vice President Biden said in a statement, “This is what the Recovery Act is all about – sparking new growth, tapping into the ingenuity of the American people and giving folks the tools they need to help build a new economy in the 21st-century.” [Recovery.gov, 12/17/09]
 
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