Stimulus in the News, Announcements

$1 billion invested in renewable energy production.  As of September 22, more than $1 billion in stimulus funds have been invested in domestic renewal energy production through awards to companies through Section 1603 of the Recovery Act through a program that provides cash assistance in lieu of tax credits to energy producers.  This announcement from Treasury Secretary Tim Geithner and Energy Secretary Steven Chu highlighted the strength of public and private collaboration through stimulus funds.

Slight improvements in unemployment, GDP.  In August, the statewide unemployment rate decreased by 0.4 to 10.0 percent, according to figures released by the Illinois Department of Employment Security.  Sectors that posted job gains included manufacturing (2,100 jobs), construction (500 jobs), and information (900 jobs).  The country’s gross domestic product (GDP) shrank 0.7 percent from April to June of this year, which was less than earlier estimates of a one-percent contraction, according to The New York Times.  This is a noticeable improvement from the first quarter of the year, which saw the economy shrink at a rate of 6.4 percent.  Click here to see the report issued by the U.S. Commerce Department.

Good news from Philly.  The Philadelphia Inquirer published a great story on September 20 on how stimulus funds, especially those received by the Philadelphia Housing Authority, helped not only the city’s housing, but job opportunities and the energy efficiency of homes.  Philadelphia received $90.6 million of $3 billion allocated for public housing authorities from the Department of Housing and Urban Development.  This was the fourth biggest award after New York, Puerto Rico, and Chicago, which was awarded $144 million.