Research and Development

Do science and engineering drive economic growth?

June 20, 2022

Yes.

The relationship between public and private investments in science and engineering research and development and economic growth is well-established across a large number of countries.

The impact of science and engineering on economic growth is perhaps most profound in the United States.

Taken together, science, technology, engineering, math and medicine (STEM), supports 69% of U.S. GDP. STEM also supports two out of three American jobs and $2.3 trillion in annual federal tax revenue.

Further, given the variety of STEM professions and range of educational pathways into STEM fields, STEM jobs provide. In fact, six out of ten U.S. STEM professionals do not hold a bachelor’s degree.

Key Takeaways

  1. 1.

    STEM supports 69% of U.S. GDP, two out of three American jobs and $2.3 trillion in annual federal tax revenue.

  2. 2.

    Six out of ten STEM professionals in the United States do not hold a bachelor’s degree, making STEM careers one of the best paths to economic prosperity.

  3. 3.

    Even folks engaging in outdoor activities with others should consider wearing masks when community spread is high.