Administration of Joseph R. Biden, Jr., 2022

January 27, 2022

The GDP numbers for my first year show that we are finally building an American economy for the 21st century, with the fastest economic growth in nearly four decades, along with the greatest year of job growth in American history. And, for the first time in 20 years, our economy grew faster than China's.

This is no accident. My economic strategy is creating good jobs for Americans, rebuilding our manufacturing, and strengthening our supply chains here at home to help make our companies more competitive.

Today, Americans are finding better jobs with better pay and better benefits. Layoffs are near record lows. Companies are investing in new manufacturing lines and factories here in the United States, with recent announcements of Intel in Ohio and GM in Michigan. We're making the future in America again.

And new small business applications have increased by more than 30 percent since 2019.

Americans are dreaming again, believing in themselves and America.

We are finally building an American economy for the 21st century, and I urge Congress to continue this momentum by passing legislation to make America more competitive, bolster our supply chains, strengthen our manufacturing and innovation, invest in our families and clean energy, and lower kitchen table costs.

Categories: Statements by the President : Gross Domestic Product, advance estimate for 2021. Subjects: Business and industry : Domestic investment, promotion efforts; Business and industry

: Manufacturing industry :: Advanced manufacturing, promotion efforts; Business and industry : Manufacturing industry :: Strengthening efforts; Business and industry : Small businesses, promotion efforts; China : Economic growth and development; Commerce, international : Global supply chain disruptions, efforts to address; Economy, national : Household income and wages; Economy, national : Improvement; Economy, national : Strengthening efforts; Employment and unemployment : Job creation and growth.

DCPD Number: DCPD202200043.

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