Two new reports from the Commerce Department show just how important exports are to job creation and economic growth. Yesterday, Secretary of Commerce Penny Pritzker, U.S. Trade Representative Michael Froman, and Columbus Mayor Michael Coleman held a press conference in conjunction with the release of new geographic data on export-related jobs.
Exports contributed to almost a third of economic growth since the recession.
Some parts of the country have particularly benefited from exports. Secretary Pritzker said that exports “account for nearly all of the post-recession growth in cities like Youngstown, Detroit, and Kansas City.”
One report shows a state-by-state breakdown of the 7.1 million jobs supported by exported goods (data for services by state not available). Texas leads the way with more than 1.3 million jobs that depend on exported goods.
The Commerce Department has also made data for 387 metro areas available. Houston, New York, Los Angeles, Seattle, and Detroit respectively lead the nation’s metro areas in export-supported jobs. But the effect of exports is not limited to major port cities. Mayor Coleman said that rising exports were one of the reasons why Ohio has been able to add 200,000 jobs since the recession.
All three officials noted the importance of reauthorizing the Export-Import Bank to continue the growth of U.S. exports. The Ex-Im Bank, which helps secure financing for export deals involving U.S. businesses, will be shut down on October 1 if Congress does not issue a reauthorization. Last year, The Ex-Im Bank supported over 200,000 jobs at no cost to the taxpayer.