Rep. Gene Green Highlights CBO Report on Economic Recovery
August 26, 2010
Houston, TX – Highlighting the new report release by the Congressional Budget Office (CBO), Rep. Gene Green (TX-29) also emphasized the Houston-area projects funded by the American Recovery and Reinvestment Act (ARRA). The CBO report, Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from April 2010 Through June 2010, stated that ARRA has boosted America’s real Gross Domestic Product (GDP) by up to 4.5% in the second quarter of 2010 and increased the number of American jobs by as many as 3.3 million.
“This report confirms other independent reports that the stimulus is in fact working and had Congress not passed the recovery effort, America and Americans would be in a far worse economic situation,” Rep. Green said.
The CBO estimates that as a result of ARRA, in the second quarter of 2010 the real GDP was raised between 1.7-4.5%, the unemployment rate was lowered by between 0.7-1.8 percentage points, and the number of people employed was increased by between 1.4 million and 3.3 million.
“In our area alone, thousands of jobs have been created or saved by the stimulus and it is funding projects throughout our neighborhoods that not only put people to work, but improve the area,” Rep. Green continued. “We are still in a fragile economy, but it will continue to improve as we allow the stimulus to take effect and as Congress continues to take action.”
Houston-area stimulus funded projects include $200 million to CenterPoint Energy for Smart Grid development, $98.9 million to the Port of Houston Authority for dredging and other projects, $30 million to UT Health Science Center-Houston for digitized medical records, $13 million to the Texas Department of Transportation (TxDOT) for the Spur 330 flyover in Baytown, $56 million for the Beltway 8 flyover at Highway 29, funding for area Head Start programs and community health centers, among other projects. The State of Texas has received approximately $12 billion in stimulus funds for various projects across the state.