Bidens $369 Billion Bill Resulted in 83% GDP Growth for This Tiny Texas County
Coke County, Texas, might not be well-known, but this modest county with a population of just 3,300 has seen an unprecedented economic surge between 2019 and 2021. According to the Bureau of Economic Analysis, the county's GDP soared by 83% within those two years, increasing from $128 million to $235 million.
This remarkable economic growth is attributed to a significant expansion in wind farm development. Landowners in Coke County are receiving annual royalties of up to $10,000 from new wind farms, which are also generating jobs and reducing energy costs. Consequently, the county's GDP per capita has climbed from $39,000 to $71,000, prompting a county judge to express the locals' elation.
Coke County isn't alone in experiencing this boost. Seven out of the ten American counties with the largest GDP increases between 2019 and 2021 have seen extensive wind farm development during this period.
Dozens of multi-billion dollar companies like NextEra Energy Inc. have seen massive stock runs in recent times due to increased spending and government subsidies in the area. It’s a hot sector for startups and investors as well. Startups like QNetic have seen considerable traction for their low-cost energy storage solutions. The startup launched an equity crowdfunding round, which means anyone can invest, and already raised over $475,000 from retail investors.
Coke County now faces the decision of how to allocate the $787,000 in annual payments it will receive from the Aviator Wind Farm over the next ten years. A county official has indicated that the funds will be directed toward infrastructure projects, senior centers, and other public initiatives.
To stay updated with top startup news & investments, sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
Interestingly, this economic transformation began before President Joe Biden signed the $369 billion clean energy stimulus package in August last year. This legislation is channeling billions of dollars into wind and solar energy projects via tax credits and direct spending.
Specifically, the law extends a tax credit for solar power production facilities if they commence construction before January 2025. This incentive, combined with the federal government's $8 billion investment to assist households in installing solar panels, is expected to stimulate a surge in new solar power manufacturing facilities across the United States.
In addition to these tax credits and the $8 billion in direct spending, President Biden has directed the federal government to decarbonize hundreds of thousands of government-owned buildings. As a result, it's anticipated that millions of buildings in the country will be equipped with solar panels in the coming years.
See more on startup investing from Benzinga.
This Startup Built the World's First AI Marketing Platform That Can Understand Emotion and Some of the Biggest Companies on the Planet Are Already Using It
Buy Online, Print Instantly at Home: Retail Investors are Funding The 3D Printing Startup Pioneering a New Way To Buy and Recieve Your Products
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Bidens $369 Billion Bill Resulted in 83% GDP Growth for This Tiny Texas County originally appeared on Benzinga.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.