For every billion dollars of exports, over 5,000 jobs are supported
July 11, 2011
U.S. exports supported an estimated 9.2 million jobs in 2010, up from 8.7 million in 2009, according to a report issued today by the Department of Commerce’s International Trade Administration. For every billion dollars of exports, over 5,000 jobs are supported.
“The exports surge in 2010 supported an additional half million jobs for U.S. workers – growth critical to America’s economic recovery,” U.S. Commerce Secretary Gary Locke said. “It’s easy to understand why it’s so important to reach President Obama’s goal of doubling exports by 2015 and doing more than ever to help U.S. businesses reach the 95 percent of consumers who live outside our borders.”
What Locke failed to make note of, however, is the fact that significant trade agreements with Panama, South Korea, and Columbia still are pending. Administration critics cite this is a key weakness in our nation’s ongoing effort to open new markets.
Commerce, meanwhile, notes that new data also shows employment supported by manufactured exports plays a significant role in many states. Twenty-one states each counted over 100,000 jobs supported by manufactured exports in 2009, with two states registering more than a half-million – California at 616,500 jobs, and Texas at 538,500 jobs.
As noted in LM, our sister publication, California exporters turned in another impressive performance in April with shipments totaling $12.88 billion, a gain of 14.4 percent over the same month last year .
“As we continue to make progress in reaching the goals of the President’s National Export Initiative, we are confident that the number of jobs supported by exports will continue to rise,” said Francisco Sánchez, under secretary of commerce for international trade. “More businesses are reaching customers in foreign markets and seeing their sales rise which leads to more good-paying jobs in the United States.”
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