Yesterday, Secretary Gary Locke traveled to New Hampshire and met with regional business leaders and toured Arc Energy, a renewable energy equipment manufacturer that specializes in solid state lighting technologies.
One day after President Obama delivered his State of the Union address, Locke reinforced the importance of strengthening America’s competitiveness by out-innovating, out-educating and out-building the rest of the world. He discussed how a more competitive America will help rebuild the economy, create more jobs and prepare the country for challenges ahead.
Locke also discussed how the recently-passed tax cut package, which reduces the payroll tax, expands the Earned Income Tax Credit and allows businesses to temporarily expense 100% of their capital investments in 2011, benefits companies like Arc Energy. The tax cuts package provides tax relief to 800,000 people in New Hampshire and extends unemployment benefits to 12,627 residents whose benefits would have otherwise expired.
Arc Energy develops cutting-edge technologies that substantially reduce the cost of LED lighting. It exports products to several countries, including China and Korea, and has signed multiple contracts worth several hundred million dollars in 2011. President Obama visited Arc one year ago and since then the manufacturer has experienced significant growth – expanding its workforce by 300 percent. Because of the industry’s expansive supply chain, for every person Arc Energy hires, roughly four to five additional jobs are created elsewhere in the United States.
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