As the largest American automaker – and one of the largest in the world – it’s hard to deny that General Motors has a substantial economic impact in the many markets it operates in. Now, a new report details exactly how much GM has impacted the U.S. economy.
The total impact of The General’s operations amounted to $116.5 billion worth of GDP (Gross Domestic Product), along with 709,100 direct and indirect jobs in the United States. Overall, this means that the Detroit-based automaker generated more GDP than 13 U.S. states, and boasted a labor force larger than that of 10 U.S. states.
The following lists more specific impacts that General Motors has had on the U.S. economy over the course of the 2022 calendar year:
- Created almost $40 billion worth of GDP, roughly a quarter of all U.S. car manufacturers’ GDP.
- Featured a GDP multiplier of 2.97.
- Employed over 97,000 hourly and salaried workers, which accounted for nearly 10 percent of the U.S.’s automotive manufacturing labor force.
- Offered an average total compensation approximately 39 percent higher than the average transportation manufacturing workers, and 69 percent higher than the compensation of the average American worker.
- Featured a jobs multiplier of 7.3.
- Paid a total of $60.2 billion in labor income.
- Financed more than 1.6 million hours of training.
- Paid roughly $21.5 billion in federal, state, and local taxes.
It’s worth noting that this recent report comes in the wake of intensifying United Auto Workers (UAW) attacks on the Detroit-based automaker. For those who may be unaware, current contracts between the UAW and GM are set to expire in September 2023, and the former is demanding increased benefits and wages for its unionized workers. To this end, the UAW has been provoking The General with several videos that critique the automotive company, along with several statements that allude to a combative future.