There has been a 272% increase in the number of US offshore wind supplier contracts since 2021, according to the Business Network for Offshore Wind (BNOW).
Around 47% of that growth has occurred since the Inflation Reduction Act (IRA) was signed in August 2022.
BNOW also found 90% of contracts in the US market are going to companies that are either headquartered or have a presence in the US.
Around $16.6bn in new market investments have been made since 2021, more than quadruple the amount invested previously, with $7.7bn of those investments made after the IRA was signed.
BNOW also highlighted a 100% increase in the number of vessels under construction or undergoing retrofit in US shipyards since 2021.
“We are proud to say that we have steel in the water, steel in our factories, and steel in our shipyards today,” said BNOW founder and chief executive Liz Burdock (pictured).
“Thanks to supportive federal and state policies, we are seeing unprecedented growth in the US offshore wind supply chain across the nation,” she added.
“New contracts are signed daily with a vast majority going to small- and medium-sized American companies creating thousands of new jobs.
“With $7.7 billion in new U.S. offshore wind investments since the Inflation Reduction Act was signed into law, this is just the beginning.”